Keith Mack
The concept of commonly accepted practice is a legal term that varies in definition depending on the industry and jurisdiction. In medicine, a widely accepted practice can absolve a medical practitioner of allegations of negligence if their treatment is supported by a large group of peers. In accounting, generally accepted practices refer to the standards and principles that are regarded as permissible by the profession. In law, common law is a body of unwritten laws based on legal precedents established by courts, which can vary across jurisdictions. Accepted industry practice refers to the practices, methods, specifications, and standards commonly used in a particular industry, such as the oil and gas industry or electric utility industries. The definition of generally accepted practices can also vary within specific sectors, such as construction or IT.
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What You'll Learn
Commonly accepted practices in medicine
In the legal context, the term "widely accepted practice" is used to defend medical practitioners against allegations of negligence. Section 5PB of the Civil Liability Act 2002 (WA) states that if a treatment is considered a "widely accepted practice" supported by a large group of peers, it can be used as a defence in court. This defence is particularly relevant when there are multiple accepted practices for treating a specific condition, as each treatment option may be considered competent medical practice.
For example, in the case of an orthopaedic surgeon treating a severe calcaneal fracture, there may be multiple accepted practices, such as conservative treatment or other methods. The court will then review the medical literature and expert reports provided by both parties to determine which treatment is appropriate in those specific circumstances.
It is important to note that the concept of "widely accepted practice" does not imply a single particular practice, method, or standard. Instead, it encompasses a broad range of acceptable practices that are subject to change over time as medical knowledge evolves.
Complementary and alternative medicine (CAM) is another field that encompasses various practices, some of which overlap with conventional medicine. Acupuncture, homeopathy, and Oriental practices are examples of traditional alternative medicine that have been practised for centuries worldwide. CAM is used by about 38% of adults and 12% of children in the United States.
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Accepted industry practices in the oil and gas industry
Generally Accepted Practices are those that are commonly used in similar operations and maintenance procedures. In the oil and gas industry, accepted practices are those that are commonly used by similar contractors, with the degree of skill, care, diligence, prudence, and foresight that would be expected under similar circumstances.
The American Petroleum Institute (API) has been instrumental in establishing and maintaining standards for the oil and gas industry since 1924. API standards support safety, innovation, and global recognition, enhancing the safety of operations, assuring quality, keeping costs down, reducing waste, and minimizing confusion.
IOGP, the International Association of Oil and Gas Producers, also plays a key role in setting standards and guidelines for the industry, especially in drilling, well construction, and operations. Their work includes providing greater precision in drafting requirements, making projects more manageable and reducing risk.
In terms of specific practices, sustainability reporting within the oil and gas industry has been ongoing since the 1990s, with a focus on green supply chain management (GSCM) and green production practices. Oil and gas companies are also increasingly investing in renewable energy businesses and diversifying their portfolios.
Another example of accepted industry practices in oil and gas is the use of high-integrity protection systems (HIPS) in facilities worldwide. HIPS provide an alternative to conventional mechanical protective devices, such as relief valves.
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Accepted industry practices in refineries
In the context of refineries, Accepted Industry Practices refer to the commonly employed practices, methods, specifications, and standards of safety and performance in the operation and maintenance of refineries. This includes the exercise of skill, care, diligence, prudence, and foresight that is expected in the refining industry under similar circumstances.
One key aspect of accepted industry practices in refineries is process safety management, which aims to reduce the risk of major incidents and minimize hazards to employees. This involves various elements such as evaluating the effectiveness of process safety leadership, ensuring that incentive programs do not discourage the reporting of hazards, and prioritizing process safety during emergencies. Additionally, refineries must comply with regulations regarding the use, storage, manufacturing, handling, and transportation of hazardous materials to prevent potential major incidents.
Another critical area of accepted industry practices in refineries is piping design and engineering. Refineries must adhere to piping design standards, codes, and recommended practices to ensure the safety of their facilities and personnel. These standards are set by professional societies, committees, and trade organizations, and they vary across different countries. American National Standard is commonly used, but other country-specific standards exist as well.
Furthermore, accepted industry practices in refineries also encompass the development and implementation of equipment standards and recommended practices for the design, fabrication, installation, use, and inspection of refinery equipment. Organizations like the American Petroleum Institute (API) play a crucial role in establishing, maintaining, and publishing these standards and practices. API's Committee on Refinery Equipment (CRE) manages the refining standards program and promotes safe and proven engineering practices in refineries.
Overall, accepted industry practices in refineries involve a broad range of safety, operational, and maintenance practices that are commonly employed in the industry, with a strong focus on process safety, piping design, and equipment standards to ensure the well-being of employees and the efficient operation of refinery facilities.
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Accepted industry practices in accounting
Generally Accepted Accounting Principles, or GAAP, are a set of widely accepted accounting principles and practices that are commonly used in the United States for financial reporting by corporations and government entities. These practices are also known as "generally accepted industry practices" in accounting. GAAP was established to protect investors from fraudulent and deceitful reporting practices and to ensure reliable, consistent, fair, and honest reporting. It covers revenue recognition, balance sheet classification, and materiality.
GAAP is a standardised system of accounting methods and practices that facilitate the comparison of financial information across different companies. It requires organisations to prepare their balance sheets, income statements, cash flow statements, and statements of shareholders' equity using consistent principles. Notable guidelines include separating an organisation's transactions from those of its owners, standardising currency units in reports, and explicitly disclosing the time periods covered by specific reports.
GAAP is enforced by government institutions, including federal legislative and judicial branches, and is widely used in governmental accounting. It is also required for US-based publicly traded companies with domestic operations, tax-exempt nonprofit groups, and businesses in certain regulated industries. Many businesses voluntarily adopt GAAP for their internal financial tracking.
The international equivalent of GAAP is the International Financial Reporting Standards (IFRS), which is used in 168 jurisdictions worldwide. While GAAP and IFRS share many similarities, a key difference lies in their treatment of inventory. IFRS rules prohibit the use of LIFO (last-in, first-out) inventory accounting methods, whereas GAAP permits it.
In certain industries, companies may use different accounting practices that depart from standard GAAP principles. This concept is known as the "industry practices constraint" and recognises that some industries require specialised accounting and reporting practices. These departures from standard practices must be infrequent and justifiable, and companies must still comply with the overall accounting rules and regulations of GAAP or IFRS.
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Common law
In the US, the common law system coexists with civil law, which is a comprehensive, codified set of legal statutes created by legislators. Civil law clearly defines the cases that can be brought to court, the procedures for handling claims, and the punishments for offences. It aims to create standardized codes to establish consistent outcomes and reduce bias in the legal system. On the other hand, common law relies on detailed records of similar situations and statutes due to the absence of an official legal code for a specific case.
One example of common law in action is the UK's long-standing common-law offence of "outraging public decency." In recent years, this ancient common law has been used to prosecute a new intrusive activity called "upskirting." In 2019, the UK Parliament passed the Voyeurism (Offences) Act, officially criminalizing upskirting and establishing punishments, demonstrating how common law can influence new legislation.
Additionally, common law has been considered in court cases involving medical negligence. For instance, the term "widely accepted practice" has been used as a defence against allegations of negligence when a medical treatment is supported by a large group of health professionals' peers and endorsed by respected experts in the field. This highlights the importance of providing appropriate literature and evidence to support a treatment practice in litigation.
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Frequently asked questions
A commonly accepted practice, or 'generally accepted practice', is a term used to describe a broad range of practices, methods, specifications, and standards that are commonly used in a particular industry or field. These practices are often related to safety and performance and can change over time.
In the context of medical law, a commonly accepted practice refers to a treatment method that is supported by a large group of health professionals and is considered a reasonable and logical approach. For instance, in one case, it was found that conservative treatment of a calcaneus fracture was a commonly accepted practice among orthopaedic surgeons.
For a practice to be considered commonly accepted, it typically needs to be endorsed by recognised experts, researchers, or other credible individuals based on specific outcomes. It should also be used by a substantial portion of persons or entities engaged in similar work, demonstrating a degree of skill, care, diligence, prudence, and foresight.
Commonly accepted practices can inform legal decisions and shape legislation. For example, in common law jurisdictions, judicial authorities rely on precedents and institutionalised opinions to establish consistent outcomes. A commonly accepted practice can serve as a precedent or influence the interpretation of laws.
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