Larry,

Would it help to replace "Principles" with "Code"?
Leave in Records
Remove the idea of "General" and simply say "Accepted"?
Finish with "Practices"

It moves the debate a managment level discussion. This allows for further
development of the "C level" discussion over where Records folks belong in
the ownership process. It also more closely reflects many folks opinion of
how this has all broken out.

Well let me know what you think,

Chris "the cricket" Flynn



On Tue, Sep 25, 2012 at 10:25 AM, Larry Medina <[log in to unmask]>wrote:

> 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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