GENERALLY ACCEPTED ACCOUNTING PRINCIPLES
1. Generally Accepted Accounting Principles means the recognized consensus or substantial authoritative support in the territory of a NAFTA country with respect to the recording of revenues, expenses, costs, assets and liabilities, disclosure of information and preparation of financial statements. These standards may be broad guidelines of general application as well as detailed standards, practices and procedures.
2. For purposes of Generally Accepted Accounting Principles, the recognized consensus or authoritative support are referred to or set out in the following publications:
(a) with respect to the territory of Canada, The Canadian Institute of Chartered Accountants Handbook, as updated from time to time;
(b) with respect to the territory of Mexico, Los Principios de Contabilidad Generalmente Aceptados, issued by the Instituto Mexicano de Contadores Públicos A.C. (IMCP), including the boletines complementarios, as updated from time to time; and
(c) with respect to the territory of the United States,
(i) the following publications of the American Institute of Certified Public Accountants (AICPA), as updated from time to time:
(A) AICPA Professional Standards,
(B) Committee on Accounting Procedure Accounting Research Bulletins,
(C) Accounting Principles Board Opinions and Statements,
(D) APB Accounting and Auditing Guides,
(E) AICPA Statements of Position, and
(F) AICPA Issues Papers and Practice Bulletins,
(ii) the following publications of the Financial Accounting Standards Board (FASB), as updated from time to time:
(A) FASB Accounting Standards and Interpretations,
(B) FASB Technical Bulletins, and
(C) FASB Concepts Statements.
- SOR/95-382, s. 2.
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