best practice

the most effective and efficient way to do something or to achieve a particular aim

(Note In business, best practice is often determined by benchmarking, that is by comparing the method one organisation uses to carry out a task with the methods used by other similar organisations and determining which method is most efficient and effective.)

"For the past 25 years, managers have been taught that the best practice for valuing to use a discounted-cash-flow (DCF) methodology." [Harvard Business Review]

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Generally Accepted Accounting Principles
American Accounting Association
Institute of Chartered Accountants in Ireland
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