Generally accepted definition

Generally accepted means that either an authoritative accounting rule-making body has established a principle of reporting in a given area or that over time a given practice has been accepted because of universal application.

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Generally accepted means accepted as a means [***].

Generally accepted has the meaning given to it in Schedule 9.1.

Examples of Generally accepted in a sentence

• Generally accepted auditing standards and the industry audit guide, Audits of State and Local Governmental Units, established by the American Institute of Certified Public Accountants.

• Generally accepted accounting principles as in effect in the United States of America from time to time.

• Generally accepted accounting principles and practices applicable to electric utility operations.

• Generally accepted accounting principles as in effect from time to time in the United States of America.

• Generally accepted accounting principles as in effect in the United States of America from time to time or such other accounting basis mandated by the U.S. Securities and Exchange Commission.

• Generally accepted accounting principles and U.S. Securities and Exchange Commission rules may require Buyer to evaluate whether Buyer must consolidate Seller’s financial information on Buyer’s financial statements.

• GAAP: Generally accepted accounting principles as in effect in the United States, consistently applied, as of the date of such application.

• Generally accepted accounting principles" refers to the recognized consensus or substantial authoritative support within a country at a particular time as to which economic resources and obligations should be recorded as assets and liabilities, which changes in assets and liabilities should be recorded, how the assets and liabilities and changes in them should be measured, what information should be disclosed and how it should be disclosed, and which financial statements should be prepared.

• Generally accepted government accounting principles and adequate supporting documentation shall be maintained in such detail so as to provide an audit trail which will permit tracing transactions from the invoices to the financial statement, to the accounting records, and to the supporting documentation for the purpose of determining compliance with Section 10115 et seq.

• Generally accepted agricultural and management practices which may generate noise, dust, odors, and other associated conditions may be used and are protected by the Michigan Right to Farm Act.

More Definitions of Generally accepted

Generally accepted means that the accounting principles used are based on:

Generally accepted means with respect to any practice, procedure or method herein, such practice, procedure or method, consistent in all relevant respects with Prudent Utility Practices, as would be employed or used by a person exercising good professional judgment who is competent to perform such practice, procedure or method.

Generally accepted means the financial statements (including balance sheet, income statement, statement of changes in equity, cash flow statement and notes, comprising a summary of significant accounting policies and other explanatory notes) of the Guarantor and its Subsidiaries prepared in accordance with Generally Accepted Accounting Principles;

Generally accepted hotel accounting principles" shall mean the Uniform System of Accounts for Hotels of the Hotel Association of New York City, Inc. (as the same may be revised from time to time) or, if such system is no longer generally recognized by the hotel industry in the United States as a standard for generally accepted hotel accounting principles, such successor or other standard as is then so recognized and as is most consistent with the accounting principles and practices theretofore applied with respect to the Project.

Generally accepted in then currently effective Statements of the Auditing Standards Board of the American Institute of Certified Public Accountants, or if such statements are not then in effect, accounting principles that are then approved by a significant segment of the accounting profession in the United States of America, including in each case, the materiality standards as generally accepted. The term "CONSISTENTLY APPLIED," as used in connection therewith, means that the accounting principles applied are consistent in all material respects to those applied for the prior period.