Generally Accepted AccountingPrinciples definition
Generally Accepted AccountingPrinciples means the recognized consensus orsubstantial authoritative support in a Party withrespect to the recording of revenues, expenses,costs, assets and liabilities, the disclosure ofinformation and the preparation of financialstatements. These standards may be broadguidelines of general application as well asdetailed standards, practices and procedures; (h) the term "goods wholly obtained or producedentirely in the Area of one or both Parties"means: (i) mineral goods extracted in the Area of oneor both Parties; (ii) vegetable goods harvested in the Area of oneor both Parties; (iii) live animals born and raised in the Area of one or both Parties; (iv) goods obtained from hunting or fishing inthe Area of one or both Parties; (v) fish, shellfish and other marine speciestaken by vessels of a Party from the seaoutside the territorial seas of the Party; (vi) goods produced on board factory ships of aParty from the goods referred to insubparagraph (v); (vii) goods taken by a Party or a person of aParty from the seabed or beneath the seabedoutside territorial seas of the Party,provided that the Party has rights toexploit such seabed; (viii) waste and scrap derived from: (AA) production in the Area of one or bothParties; or (BB) used goods collected in the Area of oneor both Parties, provided such goodsare fit only for the recovery of rawmaterials; or
Generally Accepted AccountingPrinciples means the recognized consensus orsubstantial authoritative support within a Partyat a particular time as to which economicresources and obligations should be recorded asassets and liabilities, which changes in assetsand liabilities should be recorded, how theassets and liabilities and changes in them shouldbe measured, what information should be disclosedand how it should be disclosed, and whichfinancial statements should be prepared. These standards may be broad guidelines of generalapplication as well as detailed practices andprocedures; (f) the term "importer" means a person who imports agood into the importing Party in accordance withthe applicable laws and regulations of theimporting Party; (g) the term "indirect materials" means goods used inthe production, testing or inspection of anothergood but not physically incorporated into thegood, or goods used in the maintenance ofbuildings or the operation of equipmentassociated with the production of another good,including: (i) fuel and energy; (ii) tools, dies and moulds; (iii) spare parts and goods used in themaintenance of equipment and buildings; (iv) lubricants, greases, compounding materialsand other goods used in production or usedto operate equipment and buildings; (v) gloves, glasses, footwear, clothing, safetyequipment and supplies; (vi) equipment, devices and supplies used fortesting or inspection; (vii) catalysts and solvents; and (viii) any other goods that are not incorporatedinto another good but whose use in theproduction of the good can reasonably bedemonstrated to be a part of thatproduction; (h) the term "material" means a good that is used inthe production of another good; (i) the term "originating material of a Party" meansan originating good of a Party which is used inthe production of another good in the Party,including that which is considered as anoriginating material of the Party pursuant toparagraph 1 of Article 30; (j) the term "packing materials and containers forshipment" means goods that are normally used toprotect a good during transportation, other thanpackaging materials and containers for retailsale referred to in Article 38; (k) the term "preferential tariff treatment" meansthe rate of customs duties applicable to anoriginating good of the exporting Party inaccordance with paragraph 1 of Article 20; and (l) the term "production" means a method of obtaininggoods including manufacturing, assembling,processing, raising, growing, breeding, mining,extracting, harvesting, fish...
Examples of Generally Accepted AccountingPrinciples in a sentence
For the purposes of determining whether a goodqualifies as an originating good of a Party, where fungibleoriginating materials of the Party and fungible non-originating materials that are commingled in an inventoryare used in the production of the good, the origin of thematerials may be determined pursuant to an inventorymanagement method under the Generally Accepted AccountingPrinciples in the Party.