New CICA Section 1100, Generally Accepted Accounting Principles
- Topics:
- Financial Regulations
- Tags:
- Accounting,
- Finance,
- Financial Accounting,
- GAAP,
- Section
- Source:
- PricewaterhouseCoopers
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Overview: This article is about Generally Accepted Accounting Principles, which has been issued, effective for years beginning on or after October 1, 2003. The new Section establishes standards for financial reporting in accordance with generally accepted accounting principles (GAAP). It clarifies the relative authority of various accounting pronouncements and other sources of guidance within GAAP. The main features of the new Section are: an entity applies every primary source of GAAP. When a matter is not dealt with explicitly in the primary sources of GAAP, an entity adopts accounting policies and disclosures.
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Format: HTML | Date: Aug 2003 | Pages: 1
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