GENERALLY ACCEPTED AUDITING STANDARDS

generally accepted auditing standards.The guidelines issued by the American Institute of Certified Public Accountants establishing an auditor’s professional qualities and the criteria for the auditor’s examination and required reports. — Abbr. GAAS. [Blacks Law 8th]

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GENERALLY ACCEPTED ACCOUNTING PRINCIPLES

generally accepted accounting principles.The conventions, rules, and procedures that define approved ac-counting practices at a particular time. • These principles are issued by the Financial Accounting Standards Board for use by accountants in preparing financial statements. The principles include not only broad guidelines of general application but also detailed practices and procedures. — Abbr. GAAP.…

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