Generally accepted accounting principles: Difference between revisions
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imported>Doug Williamson (Expand to incorporate alternative usage 'Practice' rather than 'Principles'. Source: ACT CertFin reading FMA 1.1.4 p20, 1 October 2013.) |
imported>Doug Williamson (Layout.) |
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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 | |||
* 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. | |||
Line 10: | Line 14: | ||
== See also == | == See also == | ||
* [[Accounting Council]] | * [[Accounting]] | ||
* [[FASB]] | * [[Accounting standards]] | ||
* [[Corporate Reporting Council]] | |||
* [[Covenant]] | |||
* [[Financial Accounting Standards Board]] (FASB) | |||
* [[Financial Reporting Council]] (FRC) | |||
* [[Financial statements]] | * [[Financial statements]] | ||
* [[International Accounting Standards Board]] | * [[International Accounting Standards Board]] | ||
* [[International GAAP]] | |||
* [[Pension cost]] | * [[Pension cost]] | ||
* [[Pensions Research Accountants Group]] | * [[Pensions Research Accountants Group]] |
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.