US Generally Accepted Accounting Principles definition

US Generally Accepted Accounting Principles. It refers to the US Financial Accounting Standards, methods and procedures specified by the US Financial Accounting Standard Board, Institute of Accountants and Securities and Exchange Commission.

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US Generally Accepted Accounting Principles means the standards and interpretations, in relation to accounting and financial state- ments, issued by any of the following bodies constituted under the

US Generally Accepted Accounting Principles means accounting principles generally accepted in the United States of America.

Examples of US Generally Accepted Accounting Principles in a sentence

Any books and records to be maintained under this Agreement by a Party or its Affiliates or Sublicensees will be maintained in accordance with U.S. Generally Accepted Accounting Principles (or any successor standard), consistently applied.
GAAP – Financial statements must be prepared in accordance with U.S. Generally Accepted Accounting Principles (“U.S. GAAP”).
GAAP/IFRS – Financial statements must be prepared in accordance with U.S. Generally Accepted Accounting Principles (“U.S. GAAP”) or International Financial Reporting Standards (“IFRS”).
For purposes of this Warrant, the terms “revenue” and “work-in-process inventory” shall have the meanings ascribed to them under U.S. Generally Accepted Accounting Principles (“GAAP”).
Such statements shall have been prepared in accordance with US Generally Accepted Accounting Principles, consistently applied.
If any currency conversion shall be required in connection with the calculation of payments hereunder, such conversion shall be made using the rate used by Licensee for its financial reporting purposes in accordance with U.S. Generally Accepted Accounting Principles (or foreign equivalent).
Such review may be performed upon reasonable notice and during regular business hours not more than once in any calendar year during the term of this Agreement and for a period of three (3) years thereafter (unless U.S. Generally Accepted Accounting Principles require that such records be maintained for a longer period in which case the records shall be maintained for such longer period) nor more than once with respect to sales of Licensed Products in any given payment period.
The applicable twelve-month gross revenue amount for any period relevant hereto shall be determined using U.S. Generally Accepted Accounting Principles and shall be delivered to Caneum within thirty days following the end of the Base Period, the First Year Period, and the Second Year Period, respectively.
Such accounts and records, and the calculation of royalties will be carried out in accordance with U.S. Generally Accepted Accounting Principles (or such other generally accepted accounting methodology used by such Payor’s Related Parties) applied on a consistent basis.
All such financial statements will be prepared, in all material respects, in accordance with International Financial Reporting Standards or U.S. Generally Accepted Accounting Principles, as applicable.

More Definitions of US Generally Accepted Accounting Principles

US Generally Accepted Accounting Principles means the standards and interpretations, in relation to accounting and financial state- ments, issued by any of the following bodies constituted under the laws of the United States of America or of a territorial unit of the United States of America:

US Generally Accepted Accounting Principles means the generally accepted accounting principles set forth in the opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such other entity as may be approved by a significant segment of the accounting profession in the United States, in each case, as applicable, as of the time of the relevant financial statements referred to herein, if applicable, or otherwise as in effect on the date of this Agreement.

US Generally Accepted Accounting Principles or “US GAAP” means United States generally accepted accounting principles from time to time approved by the Financial Accounting Standards Board, or any successor institute, applicable as at the date on which any calculation or determination is required to be made in accordance with generally accepted accounting principles; and