Generally accepted accounting principles: Difference between revisions
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The common set of accounting principles, standards and procedures. | The common set of accounting principles, standards and procedures. | ||
They are a combination of: | They are a combination of: | ||
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* [[Accounting]] | * [[Accounting]] | ||
* [[Accounting standards]] | * [[Accounting standards]] | ||
* [[Covenant]] | * [[Covenant]] | ||
* [[Financial Accounting Standards Board]] (FASB) | * [[Financial Accounting Standards Board]] (FASB) | ||
Latest revision as of 21:42, 29 May 2024
(GAAP).
The common set of accounting principles, standards and procedures.
They are a combination of:
- Law
- Published authoritative standards (set by policy boards including the International Accounting Standards Board, the FASB in the US, the FRC in the UK and other national accounting boards) and
- The accepted ways of doing accounting.
Sometimes also known as Generally Accepted Accounting Practice.
