Generally Accepted AccountingPrinciples definition

Generally Accepted AccountingPrinciples means the recognized consensus orsubstantial authoritative support in a Party withrespect to the recording of revenues, expenses,costs, assets and liabilities, the disclosure ofinformation and the preparation of financialstatements. These standards may be broadguidelines of general application as well asdetailed standards, practices and procedures; (h) the term "goods wholly obtained or producedentirely in the Area of one or both Parties"means: (i) mineral goods extracted in the Area of oneor both Parties; (ii) vegetable goods harvested in the Area of oneor both Parties; (iii) live animals born and raised in the Area of one or both Parties; (iv) goods obtained from hunting or fishing inthe Area of one or both Parties; (v) fish, shellfish and other marine speciestaken by vessels of a Party from the seaoutside the territorial seas of the Party; (vi) goods produced on board factory ships of aParty from the goods referred to insubparagraph (v); (vii) goods taken by a Party or a person of aParty from the seabed or beneath the seabedoutside territorial seas of the Party,provided that the Party has rights toexploit such seabed; (viii) waste and scrap derived from: (AA) production in the Area of one or bothParties; or (BB) used goods collected in the Area of oneor both Parties, provided such goodsare fit only for the recovery of rawmaterials; or
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Generally Accepted AccountingPrinciples means the recognized consensus orsubstantial authoritative support within a Partyat a particular time as to which economicresources and obligations should be recorded asassets and liabilities, which changes in assetsand liabilities should be recorded, how theassets and liabilities and changes in them shouldbe measured, what information should be disclosedand how it should be disclosed, and whichfinancial statements should be prepared. These standards may be broad guidelines of generalapplication as well as detailed practices andprocedures; (f) the term "importer" means a person who imports agood into the importing Party in accordance withthe applicable laws and regulations of theimporting Party; (g) the term "indirect materials" means goods used inthe production, testing or inspection of anothergood but not physically incorporated into thegood, or goods used in the maintenance ofbuildings or the operation of equipmentassociated with the production of another good,including: (i) fuel and energy; (ii) tools, dies and moulds; (iii) spare parts and goods used in themaintenance of equipment and buildings; (iv) lubricants, greases, compounding materialsand other goods used in production or usedto operate equipment and buildings; (v) gloves, glasses, footwear, clothing, safetyequipment and supplies; (vi) equipment, devices and supplies used fortesting or inspection; (vii) catalysts and solvents; and (viii) any other goods that are not incorporatedinto another good but whose use in theproduction of the good can reasonably bedemonstrated to be a part of thatproduction; (h) the term "material" means a good that is used inthe production of another good; (i) the term "originating material of a Party" meansan originating good of a Party which is used inthe production of another good in the Party,including that which is considered as anoriginating material of the Party pursuant toparagraph 1 of Article 30; (j) the term "packing materials and containers forshipment" means goods that are normally used toprotect a good during transportation, other thanpackaging materials and containers for retailsale referred to in Article 38; (k) the term "preferential tariff treatment" meansthe rate of customs duties applicable to anoriginating good of the exporting Party inaccordance with paragraph 1 of Article 20; and (l) the term "production" means a method of obtaininggoods including manufacturing, assembling,processing, raising, growing, breeding, mining,extracting, harvesting, fish...
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Examples of Generally Accepted AccountingPrinciples in a sentence

  • Audited Financial Statement—The result of an official financial examination performed by an independent certified public accountant in accordance with Generally Accepted AccountingPrinciples (GAAP) and Generally Accepted Government Auditing Standards (GAGAS).

  • The rule does not impose any new requirements on small businesses.Item VI—Updated Financial Accounting Standards Board Accounting References (FAR Case 2010–005)This final rule amends the FAR sections 31.205–11, 31.205–36, 52.204–10, 52.212–5, and 52.213–4 to update references to authoritative accounting standards owing to the Financial Accounting Standards Board’s Accounting Standards Codification of Generally Accepted AccountingPrinciples (‘‘Codification of GAAP’’).

  • Submit one (1) copy of the Respondent’s two (2) most recent annual financial statements prepared by an independent Certified Public Accountant, and reviewed or audited in accordance with Generally Accepted AccountingPrinciples (GAAP) (USA).

  • Furthermore, bank regulatory capital ratios willcontinue to be calculated in accordance with the agencies’ capital standards (for national banks, 12 CFR 3; for statemember banks, 12 CFR 208, Appendices A and B; for insured state nonmembercommercial and savings banks, 12 CFR 325).In connection with this move toGAAP, the section of the Call Report’s General Instructions on ‘‘Applicability of Generally Accepted AccountingPrinciples to Regulatory ReportingRequirements’’ would be revised.

  • Plaintiffs also allege that “in the period prior to the IPO (as well as after), Evoqua personnel engaged in practices that had the effect of artificially and materially inflating its reported revenue, income, and EBITDA, in violation of [Generally Accepted AccountingPrinciples (GAAP)].” Id. ¶ 78.

  • Applicability: This project applies to the government-wide reporting entity and to component reporting entities that prepare and present general purpose federal financial reports in conformance with SFFAS 34, The Hierarchy of Generally Accepted AccountingPrinciples, Including the Application of Standards Issued by the Financial Accounting Standards Board .

  • The IFRS and United States Generally Accepted AccountingPrinciples (US-GAAP) currently have diverging criteria for defining operating and financial leases causing further comparability issues.The IFRS 17 Leases standard change creates special requirements for companies’ Financial Communication as a number of external stakeholders are affected.

  • The Provider shall institute internal fiscal controls and shall keep books and accounting records which conform to the Generally Accepted AccountingPrinciples (GAAP) in the United States, and identify the CRA funds and the related expenditures, and income.

  • Other methods may also be adequate, but it is the grantees' responsibility to determine this based on Generally Accepted AccountingPrinciples.

  • These additional costs can only be identified if a cost allocation plan is prepared according to Generally Accepted AccountingPrinciples (GAAP), not principles identified in the 2 CFR Part 200.

Related to Generally Accepted AccountingPrinciples

  • 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.

  • 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.

  • Generally accepted auditing standards means Canadian Generally Accepted Auditing Standards as adopted by the Canadian Institute of Chartered Accountants applicable as of the date on which such record is kept or required to be kept in accordance with such standards.

  • Agreement Accounting Principles means generally accepted accounting principles as in effect from time to time, applied in a manner consistent with those used in preparing the financial statements referred to in Section 5.5.

  • 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.

  • 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.

  • 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).

  • Generally accepted standards of medical practice means standards that are based upon: credible scientific evidence published in peer-reviewed medical literature and generally recognized by the relevant medical community; physician and health care provider specialty society recommendations; the views of physicians and health care providers practicing in relevant clinical areas and any other relevant factor as determined by statute(s) and/or regulation(s).

  • Accounting Policies means GAAP, applied in a manner consistent with the accounting policies, principles, practices and methodologies used in the preparation of the Audited Balance Sheet.

  • 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);

  • International Financial Reporting Standards means the accounting standards and interpretations adopted by the International Accounting Standards Board.

  • 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.

  • Australian Accounting Standards refers to the standards of that name, as amended from time to time, that are maintained by the Australian Accounting Standards Board referred to in section 227 of the Australian Securities and Investments Commission Act 2001 (Cth);

  • Common Reporting Standard (CRS) means the Standard for Automatic Exchange of Financial Account Information (“AEOFAI”) in Tax Matters and was developed in response to the G20 request and approved by the Organisation for Economic Co-operation and Development (OECD) Council on 15 July 2014, calls on jurisdictions to obtain information from their financial institutions and automatically exchange that information with other jurisdictions on an annual basis. It sets out the financial account information to be exchanged, the financial institutions required to report, the different types of accounts and taxpayers covered, as well as common due diligence procedures to be followed by financial institutions.

  • 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

  • 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.

  • Generally Applicable Law means the federal law of the United States of America, and the law of the State of New York (including the rules or regulations promulgated thereunder or pursuant thereto), that a New York lawyer exercising customary professional diligence would reasonably be expected to recognize as being applicable to the Republic and the Bank, the Opinion Documents or the transactions governed by the Opinion Documents. Without limiting the generality of the foregoing definition of Generally Applicable Law, the term “Generally Applicable Law” does not include any law, rule or regulation that is applicable to the Republic and the Bank, the Opinion Documents or such transactions solely because such law, rule or regulation is part of a regulatory regime applicable to any party to any of the Opinion Documents or any of its affiliates due to the specific assets or business of such party or such affiliate. Based upon the foregoing and upon such other investigation as we have deemed necessary and subject to the qualifications set forth below, we are of the opinion that:

  • MacBride Principles means those principles relating to nondiscrimination in employment and freedom of workplace opportunity which require employers doing business in Northern Ireland to:

  • 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 Standards means the standards of accounting or any addendum thereto for companies or class of companies referred to in section 133;

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

  • IFRS means International Financial Reporting Standards as issued by the International Accounting Standards Board.

  • Financial reporting year means the latest consecutive twelve-month period for which any of the following reports used to support a financial test is prepared:

  • Common Reporting Standard means the standard for automatic exchange of financial account information in tax matters (which includes the Commentaries), developed by the OECD, with G20 countries;

  • Accounting Restatement means an accounting restatement that the Company is required to prepare due to the material noncompliance of the Company with any financial reporting requirement under the securities laws, including any required accounting restatement to correct an error in previously issued financial statements that is material to the previously issued financial statements, or that would result in a material misstatement if the error were corrected in the current period or left uncorrected in the current period.

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