To the guardians of accounting principles, the best cure for wanton stock-options grants, which made billions of dollars for insiders before the market came crashing down, is to expense them.
America had insisted that any global agreement would have to follow its own accounting principles, but in the wake of Enron and myriad other accounting scandals it was forced to soften its attitude to European practices.
At the same time, the profession is trying to hammer out a better system of producing accounting principles.
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SEC, is aghast at the ignorance of basic accounting principles in many companies.
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The Financial Accounting Standards board labored mightily to modify one of the most destructive principles of modern times: mark-to-market accounting.
These professionals manage the accounting functions under the general direction of the controller, including establishing and maintaining accounting principles, practices, and procedures.
Even though differences over accounting principles have stymied the hope of a single standard in the past, Malan says there now seems to be a "spirit in the discussion" that there would be an obvious benefit to a convergence of rules.
In 1971, for example, the now-defunct Accounting Principles Board, in the interest of conservative financial reporting, stated that the investment tax credit should be amortized over the life of the asset for which it applies.
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Deferred taxes are one of the main reasons to hate Generally Accepted Accounting Principles.
For the rest, he says, the benefits of switching from America's generally accepted accounting principles are minimal and will not justify the costs.
The confrontation between the accounting profession and its critics has two distinct but related rounds: Round One is over accounting principles--the rules specifying acceptable methods of measuring company finances.
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The prospects and desirability of convergence between U.S. Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS) have been much debated, but the SEC has not yet decided whether and how to proceed.
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For one thing, American stock exchanges cannot list the shares of overseas companies that do not follow America's generally accepted accounting principles (GAAP).
The following tables include information about non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, non-GAAP net income, and non-GAAP earnings per share (collectively, the "non-GAAP financial measures"), which are not measurements of financial performance prepared in accordance with U.S. generally accepted accounting principles.
This press release includes information about non-GAAP operating income, non-GAAP net income, and non-GAAP earnings per share (collectively with non-GAAP gross margin and non-GAAP operating expenses, the "non-GAAP financial measures"), which are not measurements of financial performance prepared in accordance with U.S. generally accepted accounting principles.
Summary: Although convergence between US generally accepted accounting principles (GAAP) and International Financial Reporting Standards (IFRS) has been the subject of much debate and collaborative effort, it is still unclear when the US Securities and Exchange Commission (SEC) will make a determination about how to proceed, or what its final decision is likely to be.
In order to provide comparability with the results of other US wireless carriers, all financial amounts are in US dollars and are based on accounting principles generally accepted in the United States ("GAAP").
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