Generally accepted accounting principles: Difference between revisions
From ACT Wiki
Jump to navigationJump to search
imported>Doug Williamson (Link with Covenant page.) |
imported>Doug Williamson (Layout.) |
||
Line 3: | Line 3: | ||
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: | ||
* Law | |||
* Published authoritative standards (set by policy boards such as the FASB in the US and the FRC in the UK) and | |||
* The accepted ways of doing accounting. | |||
Revision as of 22:12, 23 March 2016
(GAAP).
The common set of accounting principles, standards and procedures.
They are a combination of:
- Law
- Published authoritative standards (set by policy boards such as the FASB in the US and the FRC in the UK) and
- The accepted ways of doing accounting.
Sometimes also known as Generally Accepted Accounting Practice.