BNET Business Dictionary
Business Definition for: Accounting Policies
- the specific accounting bases selected and consistently followed by an entity as being, in the opinion of the management, appropriate to its circumstances and best suited to present fairly its results and financial position. For example, from the various possible methods of depreciation, the accounting policy may be to use straight-line depreciation.
Additional Resources
- Defining Issues : Proposed Rule on Critical Accounting Policies
- "The SEC will require disclosures about critical accounting policies, the subject of recommendations in a December cautionary release. The proposed rule would call for disclosures about "critical accounting estimates" and about the initial adoption of accounting policies that have a material effect on a company's financial statements.1 Both would...
- White papers 2002-06-01
- Shareholder Resolutions Can Have Impact on Accounting Policies
- A new study by two business school professors suggests that shareholder resolutions actually do have an impact on company accounting policies. The study by Fabrizio Ferri of the Harvard Business School and Tatiana Sandino of the Marshall School of Business at the University of Southern California, shows...
- Blog posts 2008-11-24
- SEC Proposes Disclosure Rules For Critical Accounting Policies
- The Securities and Exchange Commission published for comment a proposed rule that, if adopted, will impose major additional reporting obligations for public companies. This article summarizes the proposed rule, which would amend Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A) to require companies to identify and...
- White papers 2002-07-03
- The Mills Completes Internal Investigation Regarding Historical Accounting Policies and Practices
- CHEVY CHASE, Md. -- The Mills Corporation (NYSE:MLS) announced today that the Audit Committee of its Board of Directors has completed its comprehensive investigation into various issues related to the historical accounting policies and practices of The Mills Corporation (the "Company"). The investigation was conducted with the assistance of...
- Research articles 2007-01-09
- Raytheon accounting investigated.
- Raytheon, the US defence and aerospace group, said on Monday its accounting policies are being investigated.The Securities & Exchange Commission of the US is investigating the company. Raytheon investors were horrified at the news and the shares Raytheon, the US defence and aerospace group, said...
- Research articles 2003-01-14
- New CICA Section 1100, Generally Accepted Accounting Principles
- 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...
- White papers 2003-08-18
- SEC: Pre-Paid Legal's policies do not fly
- The Securities and Exchange Commission's chief accountant has decided Pre-Paid Legal Services' accounting policies for commission advance receivables do not conform to generally accepted accounting principles, Ada-based Pre-Paid said Wednesday.
- Research articles 2001-07-26
- Reporting Critical Accounting Policies
- Accountants inevitably make many accounting estimates and policy decisions when preparing financial statements. They must select depreciable lives for long-lived assets, choose an inventory costing method, make assumptions about pensions, and make many more judgments. These accounting estimates are driven by an entity's accounting policy as it applies to the...
- Research articles 2007-12-01
- Proposed SEC Rule â MD&A Disclosure About Critical Accounting Policies
- The proposed rule would require public companies to provide extensive disclosure in their Management's Discussion and Analysis (MD&A) about their most sensitive and subjective "critical accounting estimate". In addition, upon the initial adoption of any accounting policy with a material impact, a registrant would have to disclose information on what...
- White papers 2002-05-01
- Sound Practices for Loan Accounting and Disclosure
- An overview of sound practices for loan accounting and disclosure. This white paper covers the selection and application of appropriate accounting policies, implementing an effective system to monitor credit risk and more. The practices and methodologies propounded in this paper are relevant to banks looking to comply with Basel II...
- White papers 2004-04-24
- The Dress Barn, Inc. Announces a Review of Its Accounting Policies for Store Leases
- SUFFERN, N.Y. -- The Dress Barn, Inc. (NASDAQ: DBRN) announced today that as a result of a clarification issued by the Securities and Exchange Commission on February 7, 2005, which provided guidance on long-standing, generally accepted accounting principles related to operating leases, the Company has reviewed its lease accounting practices.
- Research articles 2005-02-24
- Red Robin Gourmet Burgers Announces Further Delay in Filing of Annual Report Due to Changes to Lease Accounting
- GREENWOOD VILLAGE, Colo. -- Red Robin Gourmet Burgers, Inc. (Nasdaq: RRGB), a casual dining restaurant chain that serves an imaginative selection of high quality gourmet burgers to America's families, particularly women, teens and tweens, today announced that the Company's management, in consultation with Deloitte & Touche, LLP, the Company's independent...
- Research articles 2005-03-28
- SEC criticizes Pre-Paid Legal Services' accounting
- The Securities and Exchange Commission's chief accountant has decided Pre-Paid Legal Services' accounting policies for commission advance receivables do not conform to generally accepted accounting principles, Ada-based Pre-Paid said Wednesday. That opinion, conveyed in a July 24 letter to company officials, concurred with the prior staff opinions of...
- Research articles 2001-07-26
- McCormick & Schmick's Seafood Restaurants, Inc. Reports Fourth Quarter Earnings, Announces Completion of Lease Accounting Review, and Provides Guidance for 2005
- PORTLAND, Oregon -- McCormick & Schmick's Seafood Restaurants, Inc. (NASDAQ: MSSR) today reported earnings for its fiscal fourth quarter and full year ended December 25, 2004, and that it has completed its review of its accounting treatment for leases. McCormick & Schmick's Seafood Restaurants, Inc., like many other companies...
- Research articles 2005-04-11
- Safeway Inc. Announces Non-Cash Expense Adjustment Related to Accounting for Leases
- PLEASANTON, Calif. -- Safeway Inc. (NYSE:SWY) announced today that it will incur a non-cash lease expense adjustment of $6.5 million, after tax ($0.014 per diluted share) in its fourth quarter of 2004. This adjustment will conform the Company's lease accounting policies to views expressed by the Office of the Chief...
- Research articles 2005-02-23
- GlobeTel Communications Corp. to Delay 10-Q, Review Accounting
- FORT LAUDERDALE, Fla. -- GlobeTel Communications Corp. (OTC:GTEM) today announced that the Board of Directors has decided to delay the filing of the Company's third quarter report on Form 10-Q beyond November 19, 2006 and conduct a comprehensive review of the Company's accounting policies.
- Research articles 2006-11-17
- Arcelor 2006 Third Quarter Results.
- LUXEMBOURG, November 6 /PRNewswire/ -- In accordance with the Arcelor Mittal Group accounting policies, the joint ventures are accounted for under the equity method as of 1st January 2006. These accounting policies replace the proportionate metho LUXEMBOURG, November 6 /PRNewswire/ -- ...
- Research articles 2006-11-06
- Financial Accounting and Reporting
- The article is about the basic concept that include overall area of financial as well as managerial accounting. It explains from the core concept of accounting definition. The purpose of financial accounting and reporting by state and local governmental entities is to accumulate and provide information to facilitate decision making...
- White papers 2003-01-01
- Commission Wants More Exhaustive MD&A
- From the executive summary: ‘A few years ago, the Securities and Exchange Commission voted unanimously to require corporate filers to explain how they apply critical accounting policies. The new rule would require companies to include an Application of Critical Accounting Policies section in annual reports, registration statements, and proxy and...
- White papers 2002-05-01
- Certificate of Achievement
- DISCLOSING GAAP ALTERNATIVESAs evidenced by footnote 7 of the National Council on Governmental Accounting's NCGA Statement 1, Governmental Accounting and Financial Reporting Principles, state and local governments have long been required to prepare a summary of significant accounting policies SSAP in conformity with the provisions of the Accounting Principles Board's...
- Research articles 2008-02-01
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