summary of significant accounting policies (SSAP)

  

Definition

Disclosure of the accounting policies of an organization (the reporting entity) which, as required under the GAAP, must identify and describe (1) the accounting principles followed, (2) methods of application of these principles, (3) how such methods affect determination of and changes in the financial position, and (4) appropriateness of the accounting principles in recognition of revenue and allocation of costs.

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