Accounting Standards and Principles Sample Clauses
The "Accounting Standards and Principles" clause defines the specific set of accounting rules and guidelines that parties must follow when preparing and presenting financial statements under the agreement. Typically, this clause specifies whether financial records should adhere to standards such as Generally Accepted Accounting Principles (GAAP) or International Financial Reporting Standards (IFRS), and may clarify how particular transactions or items should be treated for consistency. Its core practical function is to ensure that all financial information is prepared on a consistent and transparent basis, reducing the risk of misunderstandings or disputes over financial reporting.
Accounting Standards and Principles. Records of expenses pertaining to services (including Additional Services) performed on the basis of a Worker Wage Rate or a Monthly Salary Rate shall be kept on the basis of generally accepted accounting principles, and in accordance with cost accounting standards promulgated by the Federal Office of Management and Budget Cost Accounting Standards Board, and shall be available for audit by the Owner or the Owner's authorized representative for a period of four (4) years after Final Completion of the Project. Owner will give reasonable notice prior to undertaking such an audit.
Accounting Standards and Principles