Generally accepted accounting principles.

Generally accepted accounting principles.
(1) “Generally accepted accounting principles” refers to any generally recognized consensus or substantial authoritative support regarding:
(i) Which economic resources and obligations should be recorded as assets and liabilities;
(ii) Which changes in assets and liabilities should be recorded;
(iii) How the assets and liabilities and changes in them should be measured;
(iv) What information should be disclosed and how it should be disclosed; and
(v) Which financial statements should be prepared.
(2) The applicability of a particular set of generally accepted accounting principles will depend upon the basis on which the value of the imported merchandise is sought to be established, and the relevant country for the point in contention.
(3) Information submitted by an importer, buyer, or producer in regard to the appraisement of merchandise may not be rejected by Customs because of the accounting method by which that information was prepared, if the preparation was in accordance with generally accepted accounting principles.


19 CFR § 152.102

Scoping language

As used in this subpart, the following terms will have the meanings indicated:

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