statement of principles
- statement of principles ˌstatement of ˈprinciples noun statements of principles PLURALFORM1. [countable] a statement by an organization of the moral or political beliefs which the organization's actions will be based on:
• The statement of principles of the Federation was drawn up at the conference and signed by all the organizations present.2. the Statement of Principles ACCOUNTING in the UK, a statement by the Accounting Standards Board, giving the ideas and rules that should be followed in accounting:
• The first chapter of the Statement of Principles defines fundamental terms such as asset, liability, and equity.
* * *statement of principles UK US noun [C] (plural statements of principles)► a statement in which a person or organization describes their beliefs and intentions: »
He will call for a 'statement of principles' which sets out which areas are controlled by the EU and which are handled by national governments.»
We need a clear statement of principles, backed up by firm commitments.► (also Statement of Principles) (ABBREVIATION SOP) ACCOUNTING in the UK, an official set of rules published by the Accounting Standards Board for company accounts: »
Issue costs are not assets as defined in the Board's draft Statement of Principles.
Financial and business terms. 2012.
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