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Capital Gains Tax (Definition of Unit Trust Scheme) Regulations 1988 SI 1988/266; Income Tax (Definition of Unit Trust Scheme) Regulations 1988 SI 1988/267; Stamp Duty and Stamp Duty Reserve Tax (Definitions of Unit Trust Scheme) Regulations 1988 SI 1988/268; Social Security (Benefit) (Members of the Forces) Amendment Regulations 1988 SI 1988/269
Generally Accepted Accounting Principles (GAAP) [a] is the accounting standard adopted by the U.S. Securities and Exchange Commission (SEC), [1] and is the default accounting standard used by companies based in the United States.
They are used to prepare the statutory financial statements of insurance companies. Statutory Accounting Principles are designed to assist state insurance departments in the regulation of the solvency of insurance companies. [1] Although there are minor state-by-state variations, they are the basis for state regulation throughout the United States.
Commonly referred to as Generally Accepted Accounting Principles (GAAP), these set of guidelines provide the basis in the preparation of financial statements, although many companies voluntarily disclose information beyond the scope of such requirements. [6]
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A bright-line rule (or bright-line test) is a clearly defined rule or standard, composed of objective factors, which leaves little or no room for varying interpretation. The purpose of a bright-line rule is to produce predictable and consistent results in its application. The term "bright-line" in this sense generally occurs in a legal context.
The Financial Accounting Standards Advisory Council then voiced its concerns due to the increase of financial reporting guidance from the old U.S. GAAP standards, and the FASB responded by launching a new project to codify the standards. The project was approved in September 2004 by the Trustees of the Financial Accounting Foundation. [2]
The accounting treatment for goodwill remains controversial within both the accounting and financial industries because it is fundamentally a workaround employed by accountants to compensate for the fact that businesses when purchased are valued based on estimates of future cash flows and prices negotiated by the buyer and seller, and not on ...