Generally accepted accounting principles: Difference between revisions
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imported>Doug Williamson m (Replaced Accounting Standards Board with Accounting Council in see also - 22/4/14) |
imported>Doug Williamson (Expand to incorporate alternative usage 'Practice' rather than 'Principles'. Source: ACT CertFin reading FMA 1.1.4 p20, 1 October 2013.) |
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(GAAP). | (GAAP). | ||
The common set of accounting principles, standards and procedures. | The common set of accounting principles, standards and procedures. | ||
They are a combination of published authoritative standards (set by policy boards such as the FASB in the US and the ASB in the UK) and the accepted ways of doing accounting. | They are a combination of published authoritative standards (set by policy boards such as the FASB in the US and the ASB in the UK) and the accepted ways of doing accounting. | ||
Sometimes also known as Generally Accepted Accounting Practice. | |||
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* [[US GAAP]] | * [[US GAAP]] | ||
[[Category: | [[Category:Accounting,_tax_and_regulation]] | ||
Revision as of 13:22, 22 July 2014
(GAAP).
The common set of accounting principles, standards and procedures.
They are a combination of published authoritative standards (set by policy boards such as the FASB in the US and the ASB in the UK) and the accepted ways of doing accounting.
Sometimes also known as Generally Accepted Accounting Practice.
