Good Accounting Practice definition

Good Accounting Practice means such accounting practice as, in the opinion of independent certified public accountants satisfactory to Lender, conforms at the time to generally accepted accounting principles or, with the prior written consent of Lender, which may be given or withheld in Lender’s sole discretion, in any applicable case, cash basis of accounting or the federal income tax basis of accounting, consistently applied. Each accounting term not defined in this Agreement shall have the meaning given to it under Good Accounting Practice.
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Good Accounting Practice means such accounting practice as, in the opinion of independent certified public accountants satisfactory to Lender, conforms at the time to generally accepted accounting principles or, with the express prior written consent of Lender in any applicable case, cash basis of accounting or the federal income tax basis of accounting, consistently applied. Each accounting term not defined in this Note shall have the meaning given to it under Good Accounting Practice.
Sample 1Sample 2Sample 3
Good Accounting Practice. Such accounting practice as, in the opinion of independent accountants of recognized national standing regularly retained by Borrower or other Person (as the case may be) and acceptable to and approved by Lender, conforms at the time to generally accepted accounting principles, consistently applied. Generally accepted accounting principles means those principles and practices (a) which are recognized as such by the Financial Accounting Standards Board, (b) applied after the date of Borrower’s or other Person’s (as the case may be) most recently audited financial statements furnished to Lender in a manner consistent with the manner in which such principles and practices were applied to such statements, and (c) consistently applied for all periods after the date of such most recent audited financial statements so as to reflect properly the financial condition, and results of operations and changes in financial position, of such Person. If any change in any accounting principle or practice is required by the Financial Accounting Standards Board in order for such principle or practice to continue as a generally accepted accounting principle, all reports and financial statements required hereunder may be prepared in accordance with such change only after written notice of such change is given to Lender.
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Examples of Good Accounting Practice in a sentence

  • Borrower shall have the right to pay such tax under protest or to otherwise contest any such tax or assessment, but only if (a) such contest has the effect of preventing the collection of such taxes so contested and also of preventing the sale or forfeiture of any property subject thereto, (b) Borrower has notified Lender of its intent to contest such taxes, and (c) adequate reserves for the liability associated with such tax have been established in accordance with Good Accounting Practice.

  • The Company will at all times maintain appropriate corporate records, including records of all directors or shareholders meetings, minutes and all share transactions, and keep proper books of record and account (including ledgers and order books) in which full, true, and correct entries will be made of its transactions in accordance with Good Accounting Practice.

  • Since 1989 both FAR and BEN have not issued new recommendations on Financial Reporting, but their old recommendations remain in force.The Accounting Act requires companies to follow 'God Redovisnings Sed' (GRS), Good Accounting Practice.

  • These guidelines are not laws but belong to the sphere of Good Accounting Practice.

  • Basic Audit Procedures Consistent with Good Accounting Practice Dorothy Eilen Follow this and additional works at: https://egrove.olemiss.edu/wcpa Part of the Accounting Commons, and the Women's Studies Commons Recommended Citation Eilen, Dorothy (1958) "Basic Audit Procedures Consistent with Good Accounting Practice," Woman C.P.A.: Vol.

  • Borrower will (and will cause each Obligor to) keep proper books of record and account in which full, true and correct entries are made of all transactions in relation to its business, activities and assets as required by Good Accounting Practice.

  • Borrower will pay its obligations, including liabilities for taxes, before the same shall become delinquent or in default, except where (a) the validity or amount thereof is being contested in good faith by appropriate proceedings, or (b) Borrower has set aside on its books adequate reserves with respect thereto in accordance with Good Accounting Practice, or (c) the aggregate unpaid amount of such unpaid obligations is less than or equal to $10,000.00.

  • The guidelines are, by their nature, interpretations of Good Accounting Practice in the relevant area.The guidelines start from the European Union Recommendation on accounting, estimating and giving information in the Financial Statements and Directors’ Report regarding environmental matters (2001/453/EU) the Official Publication 13.6.2001.The guidelines give references to IAS nos 1, 16, 36, 37 and 38.

  • NOTES TO INTERIM FINANCIAL STA TEMENTS Accounting methods and valuation principles used in the consolidated interim report The Interim reports of 1-3/2003 have been prepared in accordance with the internationally recognised Good Accounting Practice and the Accounting Act of the Republic of Estonia which was in force until 01.01.2003.

  • The Financial Statements delivered to the Lender fairly present, in all material respects, in accordance with Good Accounting Practice, the financial condition and the results of operations of the Dollar Borrowers and their Subsidiaries as at the dates and for the periods indicated.


More Definitions of Good Accounting Practice

Good Accounting Practice means such accounting practice as conforms at the time to generally accepted accounting principles applied on a consistent basis.
Sample 1
Good Accounting Practice means such accounting practice as, in the opinion of independent certified public accountants satisfactory to Lender, conforms at the time to generally accepted accounting principles or, with the prior written consent of Lender, which may be given or withheld in Lender’s sole discretion, in any applicable case, cash basis of accounting or the federal income tax basis of accounting, consistently applied. Each accounting term not defined in this Agreement shall have the meaning given to it under Good Accounting Practice. Loan AgreementFrisco 113, Collin County, Texas 4
Sample 1
Good Accounting Practice means such accounting practice as, in the opinion of independent accountants regularly retained by the Borrower or other Person (as the case may be) acceptable to and approved by the Lender, conforms at the time to generally accepted accounting principles, consistently applied, which are recognized as such by the Financial Accounting Standards Board, and if any change in any accounting principle or practice is required by the Financial Accounting Standards Board in order for such principle or practice to continue as a generally accepted accounting principle, all reports and financial statements required hereunder may be prepared in accordance with such change only after written notice of such change is given to the Lender.
Sample 1
Good Accounting Practice means, as to a particular corporation, such accounting practice as, in the opinion of the independent certified public accountants regularly retained by such corporation, conforms at the time to generally accepted accounting principles applied on a consistent basis (except for changes in application in which such accountants concur). Any accounting terms not defined in this Agreement shall have the respective meanings given to them under Good Accounting Practice consistent with those applied in the preparation of the Company's consolidated financial statements.
Sample 1
Good Accounting Practice means such accounting practice as, in the opinion of independent certified public accountants satisfactory to Lender, conforms at the time to generally accepted accounting principles or, with the prior written consent of Lender, which may be given or withheld in Lender’s sole discretion, in any applicable case, cash basis of accounting or the federal income tax basis of accounting, consistently applied. Each accounting term not defined in this Agreement shall have the meaning given to it under Good Accounting Practice. Loan Agreement – Fxxxxx Xxxxx 0X, 0X, 0X XX-0 , Xxxxxx County, Texas 5
Sample 1
Good Accounting Practice means such accounting practice as, in the opinion of independent accountants of recognized national standing regularly retained by the Borrower or other Person (as the case may be) and acceptable to and approved by the Lender, conforms at the time to generally accepted accounting principles, consistently applied. Generally accepted accounting principles mean those principles and practices which are (a) recognized as such by the Financial Accounting Standards Board, (b) applied after the date of the Borrower's or other Person's (as the case may be) most recently audited financial statements furnished to the Lender in a manner consistent with the manner in which such principles and practices were applied to such statements, and (c) consistently applied for all periods after the date of such most recent audited financial statements so as to reflect properly the financial condition, and results of operations and changes in the financial position, of such Person. If any change in any accounting principle or practice is required by the Financial Accounting Standards Board in order for such principle or practice to continue as a generally accepted accounting principle, all reports and financial statements required hereunder may be prepared in accordance with such change only after written notice of such change is given to the Lender. Governmental Authority shall mean the United States, the State of Texas, the County of Harris, the City of Houston, each District, the Texas Xxxxxal Resource Conservation Commission, the Department of Housing and Urban Development, the Environmental Protection Agency, any political subdivision of any of the foregoing and any agency, department, commission, board, bureau, court or instrumentality of any of them which now or hereafter has jurisdiction over the Lender, the Borrower or any part of the Premises or construction on the Premises.
Sample 1

Related to Good Accounting Practice

  • Agreement Accounting Principles means generally accepted accounting principles as in effect from time to time, applied in a manner consistent with that used in preparing the financial statements referred to in Section 5.4.

  • Applicable Accounting Principles means, with respect to the Borrower, those accounting principles required by the ICA and prescribed by the SEC for the Borrower and, to the extent not so required or prescribed, GAAP.

  • Agreed Accounting Principles means GAAP; provided, however, that, with respect to any matter as to which there is more than one generally accepted accounting principle, Agreed Accounting Principles means the generally accepted accounting principles consistently applied in the preparation of the Latest Audited Company Balance Sheet; provided, further, that, for purposes of the Agreed Accounting Principles, no known adjustments for items or matters, regardless of the amount thereof, shall be deemed to be immaterial.

  • Good Engineering Practice means, Works carried out in accordance with the following standards/ specifications,

  • UK generally accepted accounting principles and practices means the principles and practices prevailing from time to time in the United Kingdom which are generally regarded as permissible or legitimate by the accountancy profession irrespective of the degree of use.

  • standards of generally recognised accounting practice means an accounting practice complying with standards applicable to municipalities or municipal entities as determined by the Accounting Standards Board

  • Prudent Operating Practice means the mining practices, methods and acts that would be employed by a prudent mining operator having assets and operations similar in type, size, location and scope to Borrower, using modern mining equipment and techniques in the conduct of diligent and safe mining operations in an attempt to recover the maximum amount of economically mineable and merchantable coal from the Mining Facilities with due regard for all Applicable Law, all in accordance and compliance with Environmental or Mining Permits held by Borrower.

  • Accounting Principles means the international financial reporting standards (IFRS) within the meaning of Regulation 1606/2002/EC (or as otherwise adopted or amended from time to time).

  • Good Practice means such practice in the processing of personal data as appears to the Commissioner to be desirable having regard to the interests of data subjects and others, and includes (but is not limited to) compliance with the requirements of this Act;

  • Applicable Accounting Standards means Generally Accepted Accounting Principles in the United States, International Financial Reporting Standards or such other accounting principles or standards as may apply to the Company’s financial statements under United States federal securities laws from time to time.

  • Good Industry Practice means standards, practices, methods and procedures conforming to the Law and the degree of skill and care, diligence, prudence and foresight which would reasonably and ordinarily be expected from a skilled and experienced person or body engaged in a similar type of undertaking under the same or similar circumstances.

  • Practices means that the practice(s) seems like a logical approach to addressing a specific behavior which is becoming distinct, recognizable among Clients and clinicians in practice, or innovators in academia or policy makers; and at least one recognized expert, group of researchers or other credible individuals have endorsed the practice as worthy of attention based on outcomes; and finally, it produces specific outcomes.

  • Generally Accepted Accounting Principles means the standards for accounting and preparation of financial statements established by the Federal Accounting Standards Advisory Board (or its successor agency) or any successor standards adopted pursuant to relevant SEC rule.

  • Accounting Statement means for each financial year, the following statements, namely-

  • Good Manufacturing Practices means current good manufacturing practices, as set forth in 21 C.F.R. Parts 210 and 211.

  • Good Manufacturing Practice or “GMP” means the current good manufacturing practices (cGMP) and all applicable governmental rules and regulations as applied at the site(s) of manufacture and control, as amended from time to time and in effect during the term of this License Agreement.

  • International Accounting Standards means International Accounting Standards (IAS), International Financial Reporting Standards (IFRS) and related Interpretations (SIC-IFRIC interpretations), subsequent amendments to those standards and related interpretations, and future standards and related interpretations issued or adopted by the International Accounting Standards Board (IASB);

  • GAAP means United States generally accepted accounting principles.

  • Group practice means a group of two or more health care providers legally organized as a partnership, professional corporation, or similar association:

  • Current Good Manufacturing Practices or “cGMP” means applicable Good Manufacturing Practices as specified in the United States Code of Federal Regulations and/or the EU Good Manufacturing Guidelines, and any successor legislation from time to time, prevailing at the time of the manufacture of the Product.

  • Practice of public accounting means the performance or the offering to perform, by a person holding oneself out to the public as a certified public accountant or a licensed public accountant, one or more kinds of professional services involving the use of accounting, attest, or auditing skills, including the issuance of reports on financial statements, or of one or more kinds of management advisory, financial advisory, or consulting services, or the preparation of tax returns or the furnishing of advice on tax matters. However, with respect to licensed public accountants, the “practice of public accounting” shall not include attest or auditing services or the rendering of an opinion attesting to the reliability of any representation embracing financial information.

  • Accounting system means the Contractor's system or systems for accounting methods, procedures, and controls established to gather, record, classify, analyze, summarize, interpret, and present accurate and timely financial data for reporting in compliance with applicable laws, regulations, and management decisions, and may include subsystems for specific areas such as indirect and other direct costs, compensation, billing, labor, and general information technology.

  • Good Industry Practices means the practices that would be adopted by, and the exercise of that degree of care, skill, diligence, prudence and foresight that reasonably would be expected from, a competent contractor in the international oil and gas industry experienced in performing work similar in nature, size, scope and complexity to the Work and under conditions comparable to those applicable to the Work, where such work is subject to, and such contractor is seeking to comply with, the standards and codes specified in the Contract or (to the extent that they are not so specified) such national or international standards and codes as are most applicable in the circumstances, and the applicable Law.

  • Uniform Standards of Professional Appraisal Practice means the current standards of the appraisal profession, developed for appraisers and users of appraisal services by the Appraisal Standards Board of the Appraisal Foundation.

  • U.S. GAAP means United States generally accepted accounting principles.

  • Sound means an oscillation in pressure, particle displacement, particle velocity or other physical parameter, in a medium with internal forces that cause compression and rarefaction of that medium. The description of sound may include any characteristic of such sound, including duration, intensity and frequency.