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gaap

English translation: GAAP

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GLOSSARY ENTRY (DERIVED FROM QUESTION BELOW)
Dutch term or phrase:gaap, GAAP
English translation:GAAP
Entered by: Erik Macki
Options:
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- Include in personal glossary

05:19 Mar 29, 2002
Dutch to English translations [Non-PRO]
Bus/Financial
Dutch term or phrase: gaap
What is meant by "gaap over 99" in the following?

Er zijn nog niet veel beschikbare boeken op dit moment in US gaap over 99 waarmee we kunnen vergelijken voor deze note.
Erik Macki
Local time: 14:38
Algemeen aanvaarde grondslagen voor waardering en presentatie
Explanation:
Good morning Eric,

GAAP: Generally Accepted Accounting Principles this is what is means according this Google below, and many more. In addition my Van Amerongen 'Terminologie Financieel Management' supports this.

I think the '99 must be the year.

Best regards,
Marijke

Adecco News
... Adecco reported under US Generally Accepted Accounting Principles (GAAP) revenues
of CHF ... its network of over 17,000 ... Ending 4-Apr-99. Quarter Ending 29 ...
press.adecco.com/en/PR/199904/826913_5.html - 24k - In cache - Gelijkwaardige pagina's
Selected response from:

Marijke Mayer
Netherlands
Local time: 23:38
Grading comment
Ah, that should have been obvious to me. Thanks so much!

-Erik
4 KudoZ points were awarded for this answer

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Summary of answers provided
5Generally Accepted Accounting Practicexxxjarry
4[agree with Jarry]
Chris Hopley
4 -1Algemeen aanvaarde grondslagen voor waardering en presentatie
Marijke Mayer


  

Answers


36 mins   confidence: Answerer confidence 4/5Answerer confidence 4/5 peer agreement (net): -1
Algemeen aanvaarde grondslagen voor waardering en presentatie


Explanation:
Good morning Eric,

GAAP: Generally Accepted Accounting Principles this is what is means according this Google below, and many more. In addition my Van Amerongen 'Terminologie Financieel Management' supports this.

I think the '99 must be the year.

Best regards,
Marijke

Adecco News
... Adecco reported under US Generally Accepted Accounting Principles (GAAP) revenues
of CHF ... its network of over 17,000 ... Ending 4-Apr-99. Quarter Ending 29 ...
press.adecco.com/en/PR/199904/826913_5.html - 24k - In cache - Gelijkwaardige pagina's

Marijke Mayer
Netherlands
Local time: 23:38
Native speaker of: Dutch
PRO pts in pair: 525
Grading comment
Ah, that should have been obvious to me. Thanks so much!

-Erik

Peer comments on this answer (and responses from the answerer)
disagree  xxxjarry: In my view your answer is not complete. See my comments below.
3 hrs
  -> I'm sure Erik will be very happy with your explanation, as I am. Thank you.
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4 hrs   confidence: Answerer confidence 5/5
Generally Accepted Accounting Practice


Explanation:
I would like to add to Marijke's answer as follows.

The definition of Generally Accepted Accounting Principles is common in the US, but not always in the UK. The reason is that unlike in the US, Canada and New Zealand, the UK, and indeed The Netherlands, GAAP does NOT have any statutory or regulatory authority or definition. Consequently, references to GAAP are rarely found in the literature in the UK, and where the expression is used, it is not adequately explained or defined.

Mike Davies, Ron Paterson and Allister Wilson in their authoritative publication 'UK GAAP', put it as follows: "Our view is that GAAP is a dynamic concept which requires constant review, adaptation and reaction to changing circumstances. We believe that the use of the term 'principle' gives GAAP an unjustified and inappropriate degree of permanence. We believe that GAAP goes far beyond mere rules and principles, and encompasses contemporary permissible accounting PRACTICE."

This interpretation is also consistent with the overriding concept that financial statements should give a true and fair view of an entity's financial statements. Anything that contributes to this is in fact Generally Accepted Accounting Practice.


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Note added at 2002-03-29 09:55:29 (GMT) Post-grading
--------------------------------------------------

Marijke, I inadvertently graded your answer \'disagree\' instead of \'neutral\'.

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Note added at 2002-03-29 15:20:08 (GMT) Post-grading
--------------------------------------------------

This should read: ... with the overriding concept that financial statements should give a true and fair view of an entity\'s financial position and results.


    20 years with Ernst & Young in The Netherlands
    I translate the annual reports of a large number of listed and other companies
xxxjarry
South Africa
Local time: 23:38
Native speaker of: English
PRO pts in pair: 3855
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3 days17 hrs   confidence: Answerer confidence 4/5Answerer confidence 4/5
[agree with Jarry]


Explanation:
Just wanting to add, though, that a lot of GAAP has been embodied in legislation (in the Netherlands in Titel 9 Boek 2 BW), often "after the fact". I totally agree, however, that it is something very fluid.

Zie ook info van de Nivra (ref. 1) en de Raad voor de Jaarverslaggeving (ref. 2).


    Reference: http://www.nivra.nl/index.asp?verslaggeving/verslaggeving_ho...
    Reference: http://www.rjnet.nl/
Chris Hopley
Netherlands
Local time: 23:38
Native speaker of: English
PRO pts in pair: 2117
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