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In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, 20XX, and the results of its operations and its cash flows for the year then ended in accordance with generally accepted accounting principles in (the country where the report is issued). (example of a standard unqualified auditor's report on financial statements, Wikipedia)

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of Telewest Global Inc. and subsidiaries as of December 31, 2004, and the results of their operations and their cash flows for the year ended December 31, 2004, and the financial position of Telewest Communications plc and subsidiaries as of December 31, 2003 and the results of their operations and their cash flows for the six months ended June 30, 2004 and each of the years in the two-year period ended December 31, 2003, in conformity with U.S. generally accepted accounting principles. (virginmedia.com)

These financial statements present fairly, in all material respects, the financial position of the Foundation as at August 31, 2014 and the results of its operations and the changes in its net assets for the year then ended in accordance with Canadian generally accepted accounting principles. (canadianwomen.org)

You should defer expenses when generally accepted accounting principles or international financial reporting standards require that they be included in the cost of a long-term asset, and then charged to expense over a long period of time. For example, you may have to include the cost of interest in the cost of a constructed asset, such as a building, and then charge the cost of the building to expense over the useful life of the entire asset in the form of depreciation. In this case, the cost of the interest is a deferred expense. (accountingtools.com)