accounting policies

Definition

The specific standards set by a company governing how financial statements are prepared, and how financial transactions and other accounting events are handled and recorded. The accounting policies of a company influence reporting accuracy and regulatory compliance, and should be taken into account when evaluating balance sheets and quarterly reports.

Use accounting policies in a sentence

We had to follow all of the accounting policies and we were happy to start working together with everything and making things happen.

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The new employee looked over the companies accounting policies to be sure he had included everything needed for submitting his expense reports.

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The accounting policies have been laid out fairly well in the generally accepted accounting principles, we also have a CPA on hand that can help explain.

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