Right...

It's just the OPPOSITE of what they did with the association name... there,
they retained the acronym and pitched out the whole name!!  Makes perfect
sense to me. =)

My big gripe is the "generally accepted" thing.  And I know as soon as I
post this, at least one specific individual is going to pounce on the fact
that GAAP wasn't accepted right away.

But the BIG DIFFERENCE is its' a body of CERTIFIED PROFESSIONALS (the
AICPA) that decides the standards that make the GAAP rules and there is a
REQUIREMENT that GAAP be followed.  In addition, the SEC mandates an annual
audit to ensure organizations follow GAAP.  There is no such backing for
GAR; never has been and it's doubtful there ever will be.

So there is NO question that things are done in a standard manner, in the
US it's Federally regulated, and audits are performed against a rigorous
set of published standards accepted and agreed to by the AICPA and as
outlined in the Securities and Exchange Act.

Oh and BTW?  It seems as if GAAP is going away in 2016 and being replaced
by International Financial Reporting Standards (IFRS) to place US
accounting on the same basis as other Nations... so I guess having an
acronym similar to it may not matter anymore anyway.


(SOURCE:
http://www.allbusiness.com/professional-services/accounting-professionals/12400954-1.html#ixzz27UgSGs5b
)

GAAP, which stands for “generally accepted accounting principles,” is a
collection of principles, standards, and conventions used by the U.S.
accounting community for reporting financial information. The American
Institute of CPAs decides on the standards that make up GAAP rules.

All publicly held companies are required by federal and state securities
regulations to report their financial statements in accordance with GAAP
standards.

(SOURCE: http://legal-dictionary.thefreedictionary.com/GAAP)

In response to the Stock
Market<http://legal-dictionary.thefreedictionary.com/Stock+Market>crash
of 1929 and the ensuing Great Depression, Congress passed the
Securities Act in 1933 and the Securities Exchange Act in 1934. Among other
things, these acts established a methodology for standardizing accounting
practices among publicly held companies. The task of creating and
maintaining accounting standards was handled by the American Institute of
Certified Public Accountants (AICPA) from 1936 until 1973

Publicly held companies are required to conform to GAAP standards.
Specifically, the Securities Act and the Securities Exchange Act
established a requirement that publicly held companies must undergo an
external audit by an independent accountant once a year.

Larry
[log in to unmask]



On Tue, Sep 25, 2012 at 7:17 AM, Jones, Virginia <[log in to unmask]> wrote:

> It's my understanding that "the Principles" replaces the acronym GARP, not
> the entire name - Generally Accepted Recordkeeping Principles.  I don't
> think ARMA plans to change the formal name, just the use of the acronym.
>
> Ginny Jones
> (Virginia A. Jones, CRM, FAI)
> [log in to unmask]
>
>

-- 
*Lawrence J. Medina
Danville, CA
RIM Professional since 1972*

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