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Accounting principles and rules
The Generally Accepted Accounting Principles (GAAP) are the set of default accounting standards used by companies based in the United States. Published
Generally Accepted Accounting Principles (United States)
Generally_Accepted_Accounting_Principles_(United_States)
Monetary principles in business
Uniform Accounting Plan (Turkey) United Kingdom – Generally Accepted Accounting Practice (UK) United States – Generally Accepted Accounting Principles (United
Accounting_standard
Accounting principles and rules
Generally Accepted Accounting Principles (GAAP) of Canada provided the framework of broad guidelines, conventions, rules and procedures of accounting
Generally Accepted Accounting Principles (Canada)
Generally_Accepted_Accounting_Principles_(Canada)
Period for which accounts are prepared
52–53-week fiscal year in the United States. In the United States the method is permitted by generally accepted accounting principles, as well as by US Internal
Accounting_period
US accounting standard
Accounting for leases in the United States is regulated by the Financial Accounting Standards Board (FASB) by the Financial Accounting Standards Number
Accounting for leases in the United States
Accounting_for_leases_in_the_United_States
Topics referred to by the same term
Generally Accepted Accounting Practice (UK) Generally Accepted Accounting Principles (United States) French generally accepted accounting principles Russian
GAAP
accounting refers to accounting for tax purposes in the United States. Unlike most countries, the United States has a comprehensive set of accounting
Tax accounting in the United States
Tax_accounting_in_the_United_States
Accounting term for the spreading of payments over multiple periods
guidance on accounting for the amortization of intangible assets is contained in IAS 38. Under United States generally accepted accounting principles (GAAP)
Amortization_(accounting)
Accounting rules for US insurance companies
and Procedures Manual. Generally Accepted Accounting Principles (United States) Statutory reserve "Statutory Accounting Principles". NAIC Official Website
Statutory accounting principles
Statutory_accounting_principles
Standards which judge audits
accordance with generally accepted accounting principles. The auditor must identify in the auditor's report those circumstances in which such principles have not
Generally Accepted Auditing Standards
Generally_Accepted_Auditing_Standards
Management accounting case
accrual-based accounting methods that conform to Generally Accepted Accounting Principles (United States). Accountants may argue that financial accounting principles
Management accounting principles
Management_accounting_principles
Technical standard
Chinese accounting standards Generally Accepted Accounting Principles (Canada) Generally Accepted Accounting Principles (France) Generally Accepted Accounting
International Financial Reporting Standards
International_Financial_Reporting_Standards
Financial estimation of potential market price
not the historical cost. The Financial Accounting Standards Board (FASB) issued Statement of Financial Accounting Standards No. 157: Fair Value Measurements
Fair_value
Intangible asset recognized in the acquisition of a firm
acquiring company paid for the acquisition. Since 2001, U.S. Generally Accepted Accounting Principles (FAS 141) no longer allows the pooling-of-interests method
Goodwill_(accounting)
Methods used in managing inventory
LIFO method. LIFO is used only in the United States, which is governed by the generally accepted accounting principles (GAAP). Section 472 of the Internal
FIFO_and_LIFO_accounting
Source of U.S. Generally Accepted Accounting Principles
US accounting practices, the Accounting Standards Codification (ASC) is the current single source of United States Generally Accepted Accounting Principles
Accounting Standards Codification
Accounting_Standards_Codification
Professional credential
Students who have obtained a non-accounting degree, or are full members of recognized professional non-accounting bodies, such as the Chartered Institute
Certified Management Accountant
Certified_Management_Accountant
Set of U.S. government financial statements
governmental entity that complies with the accounting requirements promulgated by the Governmental Accounting Standards Board (GASB). The name of the report
Annual comprehensive financial report
Annual_comprehensive_financial_report
Private US organization for accounting
Accounting Standards Board (FASB) is a private standard-setting body whose primary purpose is to establish and improve Generally Accepted Accounting Principles
Financial Accounting Standards Board
Financial_Accounting_Standards_Board
Accounting term
chart of accounts, Version in English French generally accepted accounting principles Metadata, or "data about data." The Chart of accounts is in itself
Chart_of_accounts
Accounting term
daily, monthly, or annual basis." The generally accepted accounting principles (GAAP) are a set of accounting principles, procedures and standards that organisations
Reconciliation_(accounting)
Accounting Standards Board (FASB) in 1973. Its mission was to develop an overall conceptual framework of US generally accepted accounting principles (US
List of Accounting Principles Board Opinions
List_of_Accounting_Principles_Board_Opinions
Accounting method valuing assets and liabilities at current market prices
"fair" value. Fair value accounting has been a part of Generally Accepted Accounting Principles (GAAP) in the United States since the early 1990s. Failure
Mark-to-market_accounting
Procedures to optimize practices in cost efficient ways
next accounting period, using a variety of complex accounting methods, which was consistent with the principles of GAAP (Generally Accepted Accounting Principles)
Cost_accounting
somewhat different way. For example, under US GAAP (US Generally Accepted Accounting Principles) a gain or loss is “realized” when the market value of
Gain_(accounting)
Rulemaking body for financial transactions in US state and local governments
Accounting Standards Board (GASB) is the source of generally accepted accounting principles (GAAP) used by state and local governments in the United States
Governmental Accounting Standards Board
Governmental_Accounting_Standards_Board
Recording economic information
statements are usually audited by accounting firms, and are prepared in accordance with generally accepted accounting principles (GAAP). GAAP is set by various
Accounting
Total common equity less intangible assets
Expenses Goodwill Liabilities Profit Revenue Accounting standards Generally-accepted principles Generally Accepted Auditing Standards Convergence International
Tangible_common_equity
Federal advisory committee
is designated as the body that sets U.S. generally accepted accounting principles (GAAP) for the United States Government and its component entities, referred
Federal Accounting Standards Advisory Board
Federal_Accounting_Standards_Advisory_Board
IFRS – Generally Accepted Accounting Principles: standard framework of guidelines for financial accounting used in any given jurisdiction; generally known
Outline_of_accounting
American investment advisor (1924–2018)
a strong critic of the direction of recent changes in Generally Accepted Accounting Principles (GAAP) in the U.S. He was founder and Co-Chief Investment
Martin_J._Whitman
American financial reporting metric
changes in equity Statement of comprehensive income U.S. Generally Accepted Accounting Principles FASB Statement 130: Reporting Comprehensive Income (June
Comprehensive_income
meant to influence the development of accounting standards and to propose revisions to the AICPA's Audit and Accounting Guide (AAGs) series. The full-text
AICPA_Statements_of_Position
Field of business administration, part of the internal accounting system of a company
In management accounting or managerial accounting, managers use accounting information in decision-making and to assist in the management and performance
Management_accounting
Euphemism referring to unethical accounting practices
Creative accounting is a euphemism referring to accounting practices that may follow the letter of the rules of standard accounting practices, but deviate
Creative_accounting
Carrying value of goods sold during a particular period
current accounting concepts in favor of proportional costing based on simulations. None of these views conform to U.S. Generally Accepted Accounting Principles
Cost_of_goods_sold
Listing of GASB Statements and any applicable amending/superseding Statements
Governmental Accounting Standards Board Statements (GASB Statements or GASBS) are issued by GASB to set generally accepted accounting principles (GAAP) for
List_of_GASB_Statements
American regulator
recommended establishing a seven person Financial Accounting Standards Board (FASB) to replace the Accounting Principles Board, which had been making rules for the
Financial Accounting Foundation
Financial_Accounting_Foundation
US Financial Accounting Standard
GASB 34 is a financial accounting standard issued by the Governmental Accounting Standards Board in the United States GASB 34 provides a comprehensive
GASB_34
Account which records a present liability of an entity
matched to an appropriate expense account on the entity's income statement. In U.S. Generally Accepted Accounting Principles (U.S. GAAP), a provision is an
Provision_(accounting)
Time when financial transactions are reported
In accounting, a basis of accounting is a method used to define, recognise, and report financial transactions. The two primary bases of accounting are
Basis_of_accounting
Former authoritative body of the American Institute of Certified Public Accountants
areas of accounting. Many have been superseded by FASB pronouncements; 19 opinions still stand as part of generally accepted accounting principles: Vangermeersch
Accounting_Principles_Board
Sides of an account in double-entry bookkeeping
an account is used for clarity rather than being a necessary part of GAAP (generally accepted accounting principles). Each of the following accounts is
Debits_and_credits
Tax calculation for companies
appropriate tax rate. Generally, companies report income before tax to their shareholder under generally accepted accounting principles (GAAP). However, companies
Tax_expense
Aspect of tax law
expense or benefit for accounting purposes divided by accounting profit. In Generally Accepted Accounting Principles (United States), the term is used in
Tax_rate
Value of earnings per outstanding share of common stock for a company
(shareholders), and is commonly used to price stocks. In the United States, the Financial Accounting Standards Board (FASB) requires EPS information for the
Earnings_per_share
U.S. tax optimization technique
Under United States tax laws and accounting rules, cost segregation is the process of identifying personal property assets that are grouped with real
Cost_segregation_study
Balance sheet or statement of estimated receipts and expenditures
corporation is a financial forecast for the near-term future, usually the next accounting period, aggregating the expected revenues and expenses of the various
Budget
Concept of having more than one person required to complete a task
accumulated over hundreds of years of accounting practice. By contrast, many corporations in the United States found that an unexpectedly high proportion
Separation_of_duties
Monetary principles in business
not public companies, the Accounting Standards Board has proposed replacing the UK's generally accepted accounting principles (UK GAAP) with the Financial
Convergence of accounting standards
Convergence_of_accounting_standards
Opaque or creative accounting methods
Hollywood accounting (also known as Hollywood bookkeeping) is the opaque or "creative" set of accounting methods used by the film, video, television and
Hollywood_accounting
International standard system
of accounting terms, accounting concepts, account equations, account derivation principles and standard accounting procedures. Specific accounting and
System_of_National_Accounts
Accounting standard setting bodies are national or international organisations that have been delegated responsibility for setting Generally Accepted
List_of_accountancy_bodies
Financial statement
the United States in 1973, the Financial Accounting Standards Board (FASB) defined rules that made it mandatory under Generally Accepted Accounting Principles
Cash_flow_statement
Method used to eliminate foreign exchange risk
The accounting rules for this are addressed by both the International Financial Reporting Standards (IFRS) and by the US Generally Accepted Accounting Principles
Foreign_exchange_hedge
with held for trading and held to maturity, under U.S. Generally Accepted Accounting Principles (US GAAP), specifically FAS 115. The IFRS also includes
Available_for_sale
Method of evaluating an asset's worth in inventory accounting
when held in inventory, in the field of accounting. NRV is part of the Generally Accepted Accounting Principles (GAAP) and International Financial Reporting
Net_realizable_value
Financial process by which a company is ended
its creditors, with any surplus distributed to its members. In the United States, a company is most often liquidated under Chapter 7 of the Bankruptcy
Liquidation
Economics prize
Accounting Hall of Fame is an award "recognizing accountants who are making or have made a significant contribution to the advancement of accounting"
Accounting_Hall_of_Fame
Supreme law of the United States
The Constitution of the United States is the supreme law of the United States of America. It superseded the Articles of Confederation, the nation's first
Constitution of the United States
Constitution_of_the_United_States
Obligation to pay borrowed money
country, local government, company, or an individual. Commercial debt is generally subject to contractual terms regarding the amount and timing of repayments
Debt
United States, ARO accounting is specified by Statement of Financial Accounting Standards (SFAS, or FAS) 143, which is Topic 410-20 in the Accounting
Asset_retirement_obligation
Recording financial transactions or events
accrual basis method, which is the required standard under Generally Accepted Accounting Principles (GAAP), records income when it is earned and expenses when
Bookkeeping
Accounting measure of a company's profitability
it is not considered part of the Generally Accepted Accounting Principles (GAAP) by the SEC, hence in the United States the SEC requires that companies
Earnings before interest, taxes, depreciation and amortization
Earnings_before_interest,_taxes,_depreciation_and_amortization
sheet and amortized over the life of the insurance contract. Accrual accounting and deferring implies timewise-matching (synchronization) of income and
Deferred_acquisition_costs
Head of state and government
The president of the United States (POTUS) is the head of state and head of government of the United States. The president directs the executive branch
President of the United States
President_of_the_United_States
Accounting system used for special reporting requirements
Fund accounting is an accounting system for recording resources whose use has been limited by the donor, grant authority, governing agency, or other individuals
Fund_accounting
Financial Accounting Standards 157 which defined fair value, established a framework for measuring fair value in generally accepted accounting principles (GAAP)
ASC_820
United States federal agency
end of the fiscal year in accordance with Generally Accepted Accounting Principles (United States). The Fiscal Service also maintains the website usaspending
Bureau_of_the_Fiscal_Service
Suspension of contractual obligations during extreme circumstances
their contract, no doubt took them into account. ... The words 'force majeure' are not words which we generally find in an English contract. They are taken
Force_majeure
Generally accepted accounting principles (US GAAP). 48 interpretations have been published as of September 2006. U.S. Generally accepted accounting principles
List_of_FASB_Interpretations
Form of corporate self-regulation aimed at contributing to social or charitable goals
Compact's ten universal principles. The United Nations Intergovernmental Working Group of Experts on International Standards of Accounting and Reporting (ISAR)
Corporate social responsibility
Corporate_social_responsibility
Title of qualified accountants in many countries
material misstatement, and the adherence to the applicable generally accepted accounting principles (GAAP) in financial statements. CPAs can also be employed
Certified_Public_Accountant
Asset whose market value is lower than that listed in its owner's balance sheet
matter. Impairment is discussed in several international accounting standards: The FASB Accounting Standards Codification addresses impairment in the following
Impaired_asset
and financial accounting, income is generally defined by Generally Accepted Accounting Principles (GAAP) and the Financial Accounting Standards Board
Income (United States legal definitions)
Income_(United_States_legal_definitions)
Scandal arising from the disclosure of financial misdeeds
included utilizing loopholes that were found within the Generally Accepted Accounting Principles (GAAP). For auditing a large-sized company such as Enron
Accounting_scandal
remains the most current accounting literature in the United States on this topic. In 1997 the United States Financial Accounting Standards Board issued
Accumulated other comprehensive income
Accumulated_other_comprehensive_income
Multinational professional services network
financial statements were fairly presented in accordance with Generally Accepted Accounting Principles. In March 2015, EY settled Lehman-related lawsuits with
Ernst_&_Young
Method of accounting for the value of share options
U.S. GAAP and IFRS. The intrinsic value method, associated with Accounting Principles Board Opinion 25, calculates the intrinsic value as the difference
Stock_option_expensing
Bicameral legislature of the United States
The United States Congress is the legislative branch of the federal government of the United States. It is a bicameral legislature, including a lower
United_States_Congress
Naval infantry branch of the U.S. military
The United States Marine Corps (USMC), also referred to as the United States Marines or simply the Marines, is the naval infantry service branch of the
United_States_Marine_Corps
Term for a functioning business
concern concept is not clearly defined anywhere in the US generally accepted accounting principles, and so is subject to a considerable amount of interpretation
Going_concern
Money owed by business to its suppliers
accountants or bookkeepers usually use accounting software to track the flow of money into this liability account when they receive invoices and out of
Accounts_payable
Total amount of income generated by the sale of goods or services
on generally accepted accounting principles or on International Financial Reporting Standards. In a double-entry bookkeeping system, revenue accounts are
Revenue
Costs associated with 'fixed assets'
corporate governance rules or internal bylaws.” In accounting, a capital expenditure is added to an asset account, thus increasing the asset's adjusted basis
Capital_expenditure
Rigorous, organization-wide audit of US organizations
presented fairly in all material respects in accordance with generally accepted accounting principles. Additionally, the recipient must prepare a Schedule of
Single_Audit
Physical currency and other immediately accessible liquid assets
currency, such as banknotes and coins. In book-keeping and financial accounting, cash is current assets comprising currency or currency equivalents that
Cash
State of being unable to pay one's debts
In accounting, insolvency is the state of being unable to pay the debts, by a person or company (debtor), at maturity; those in a state of insolvency are
Insolvency
Application of ethical principles to the area of business activities
under the umbrella of finance and accounting. Particular corporate ethical/legal abuses include: creative accounting, earnings management, misleading financial
Business_ethics
are scheduled to be held, in large part, on November 3, 2026, in the United States. In these midterm elections, scheduled to occur during Republican president
2026_United_States_elections
Business framework
organizational operations Equator Principles – Risk management framework Environmental full-cost accounting – Cost accounting method Environmental impact assessment –
Environmental, social, and governance
Environmental,_social,_and_governance
Independent examination of an organization
audit Accounting Audit plan Big Four accounting firms Clinical audit Comptroller, Comptroller General, and Comptroller General of the United States Continuous
Audit
Method of apportioning costs
addition to activity based accounting, not as a replacement of any costing model, but to transform concurrent process accounting into a more authentic approach
Activity-based_costing
Government revenue systems at all levels
state. In the United States, taxable income is computed under rules that differ materially from U.S. generally accepted accounting principles. Since only
Taxation_in_the_United_States
Rules and decrees announced by the US private sector's main accounting board
financial statements within the United States according to generally accepted accounting principles ("GAAP") in the United States Of America, of which this
List_of_FASB_pronouncements
Formal record of financial activities
guidelines and rules are used. Commonly referred to as Generally Accepted Accounting Principles (GAAP), these set of guidelines provide the basis in the
Financial_statement
In accounting, the cost principle is part of the generally accepted accounting principles. Assets should always be recorded at their cost, when the asset
Cost_principle
Political party
people of Taiwan." In addition, if "China were to violate those principles, the United States, in accord with the Taiwan Relations Act, will help Taiwan defend
Republican Party (United States)
Republican_Party_(United_States)
US accounting rule
differ from taxable income for many valid reasons. U.S. Generally Accepted Accounting Principles have long required that income tax be accrued for all events
Fin_48
Rule in US private sector accounting
subsequently amended) FAS 133 Accounting for Derivative Instruments and Hedging Activities provided an "integrated accounting framework for derivative instruments
FASB_133
travel, tourism, insurance
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GENERALLY ACCEPTED-ACCOUNTING-PRINCIPLES-UNITED-STATES
GENERALLY ACCEPTED-ACCOUNTING-PRINCIPLES-UNITED-STATES
travel, tourism, insurance