AUTHORITATIVE PRONOUNCEMENT Definition

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AUTHORITATIVE PRONOUNCEMENT is a formal declaration of opinion sanctioned by established authority.

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NOT-FOR-PROFIT ACCOUNTING is the adherence to NFP ACCOUNTING STANDARDS. These standards are established by the Financial Accounting Standards Board (FASB) or the Government Accounting Standards Board (GASB). Additionally, the American Institute of Certified Public Accountants (AICPA) influences the accounting for nonprofit organizations with its industry and accounting guides and Statements of Position (SOPs).

PARI PASSU is to do or apply something at an equal pace or rate. In finance, it is used in reference to two classes of securities or obligations that have equal entitlement to payment.

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