1 Generally Accepted Accounting Principles means the recognized consensus or substantial authoritative support in the territory of a CUSMA 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 the 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 CPA Canada Handbook, as updated from time to time;
(b) with respect to the territory of Mexico, the Normas de Informacion Financiera, published 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, Financial Accounting Standards Board (FASB) Accounting Standards Codification, as amended from time to time, and any interpretive guidance recognized by the American Institute of Certified Public Accountants (AICPA).
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