Consistent Accounting Principles Sample Clauses
The Consistent Accounting Principles clause requires that a party, typically a company, maintain the same set of accounting methods and standards throughout the duration of an agreement. In practice, this means that financial statements and reports must be prepared using the same accounting rules, such as GAAP or IFRS, as were used in previous periods, unless a change is agreed upon by all parties. This clause ensures comparability and reliability of financial information over time, preventing manipulation or confusion that could arise from frequent changes in accounting practices.
Consistent Accounting Principles. In preparing the Closing Balance Sheet, the Final Balance Sheet and the Adjusted Final Balance Sheet, the parties shall apply accounting principles on a consistent basis.
Consistent Accounting Principles. All costs shall be accounted for and determined in accordance with generally accepted accounting principles applied uniformly in preparing the Partnership's financial statements, and cost accounting principles utilized consistently by the Partnership in calculating costs. Modifications or additions to such principles which would reduce the portion of Shared IS Resource Costs that are allocated to Arvida shall apply to calculations for this purpose only to the extent that they have been approved by the Partnership.