Accounting Practices and Procedures Clause Samples

The "Accounting Practices and Procedures" clause defines the standards and methods a party must use to maintain and report financial records under an agreement. Typically, it requires adherence to recognized accounting principles, such as Generally Accepted Accounting Principles (GAAP) or International Financial Reporting Standards (IFRS), and may specify how records should be kept, audited, or made available for inspection. This clause ensures consistency and transparency in financial reporting, reducing the risk of disputes over financial data and promoting trust between the parties.
Accounting Practices and Procedures. The Company’s authority to defer COVID-19 incremental costs and operating cost reductions is limited to those categories of savings and costs specifically listed herein. Within 30 days of a Commission order authorizing this deferral, the Company will provide the other Signatories copies of the applicable policies and procedures intended to govern how monthly deferral amounts are to be calculated for each applicable category. Such policies and procedures shall also contain a proposed monthly reporting format. Concerns regarding these policies and procedures on the part of any Signatory will be addressed through further discussion by the Signatories.
View SourceView Similar (3)
Accounting Practices and Procedures. In determining the Original Hinckley Fee and the amount which would have been distributed under the 1990 Hinckley Management Agreement, "net profits" to be allocated between the Corporate Commission and Manager shall mean income before income taxes determined pursuant to generally accepted accounting principles, adjusted as follows:
View Source
Accounting Practices and Procedures. The fiscal year of the Joint Venture and the Joint Venturers shall be the calendar year. All accounting practices and procedures of the Joint Venture shall conform with the accounting rules and regulations, if any, at the time prescribed by any regulatory agency having jurisdiction and, to the extent not covered by such rules or regulations, generally accepted accounting principles at the time prevailing for companies engaged in a business similar to that of the Joint Venture.
View Source
Accounting Practices and Procedures. In determining the Original Mille Lacs Fee and the amount which would have been distributed under the 1990 Mille Lacs Management Agreement, "net profits" to be allocated between the Corporate Commission and Manager shall mean income before income taxes determined pursuant to generally accepted accounting principles, adjusted as follows:
View Source

Related to Accounting Practices and Procedures

  • Accounting Practices All matters concerning this FuturesAccess Fund’s accounting practices shall be determined by the Sponsor on a fair and equitable basis, and all such determinations shall be final and conclusive as to all Investors. However, the Sponsor shall be under no obligation whatsoever to make any deviations from the allocations set forth in this Article II. In reporting Net Asset Values to Investors and third parties on an interim basis, the Sponsor shall be entitled to accrue fees and payments due at the end of a period as if such fees or payments were due (on a pro rata basis, if appropriate) as of the end of an interim period within such period.

  • Tax Accounting Practices (a) Except as provided in Section 3.03(b), any Tax Return for any Pre-Distribution Tax Period, to the extent it relates to members of the Dealer Group, shall be prepared in accordance with practices, accounting methods, elections, conventions and Tax positions used with respect to the Tax Return in question for periods prior to the Distribution (“Past Practices”), and, in the case of any item the treatment of which is not addressed by Past Practices, in accordance with generally acceptable Tax accounting practices. Notwithstanding the foregoing, for any Tax Return described in the preceding sentence, (i) a Party will not be required to follow Past Practices with either the written consent of the other Party (not to be unreasonably withheld) or a “should” level opinion from a Tax Advisor that the proposed method of reporting is correct and (ii) ADP shall have the right to determine which entities will be included in any consolidated, combined, affiliated or unitary Return that it is responsible for filing. (b) The Parties shall report the Transactions for all Tax purposes in a manner consistent with the Tax Opinions/Rulings, unless, and only to the extent, an alternative position is required pursuant to a Final Determination. ADP shall determine the Tax treatment to be reported on any Tax Return of any Tax issue relating to the Transactions that is not covered by the Tax Opinions/Rulings.

  • Accounting Practice Except as otherwise provided herein, all Mortgage Loan account records must be maintained according to (a) the Uniform Single Attestation Program for Mortgage Bankers and (b) where applicable, sound and generally accepted accounting practices.

  • Financial Accounting Practices Borrower shall make and keep books, records and accounts which, in reasonable detail, accurately and fairly reflect its transactions and dispositions of its assets and maintain a system of internal accounting controls sufficient to provide reasonable assurances that (a) transactions are executed in accordance with management's general or specific authorization, (b) transactions are recorded as necessary (i) to permit preparation of financial statements in conformity with GAAP and (ii) to maintain accountability for assets, (c) access to assets is permitted only in accordance with management's general or specific authorization and (d) the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences.

  • Accounting Procedures 7.3.1. Principal and Interest Computation.......................... 7.3.2.