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: | ||
* Law | * Law | ||
* Published authoritative standards (set by policy boards | * 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. | * The accepted ways of doing accounting. | ||
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== See also == | == See also == | ||
* [[Accounting]] | |||
* [[Accounting standards]] | * [[Accounting standards]] | ||
* [[Corporate Reporting Council]] | * [[Corporate Reporting Council]] | ||
Latest revision as of 23:51, 6 July 2022
(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.
