Generally accepted accounting principles or GAAP are set of accounting rules that are accepted and are in practice by many organizations across the globe. It is more rule-based than principle-based approach as given by IFRS which provides guidelines that allow organizations to make judgements about the situation and apply the guidelines to make a sound accounting treatment.
In countries like the USA where the security and exchange commission requires the companies to prepare financial statements by following GAAP instead of IFRS, GAAP provides industry-specific rules for organizations, unlike IFRS. IFRS is observed to be followed in the UK, Ireland and Gulf countries.
Ray, the owner of a small company, asked Holmes,
The fact that generally accepted accounting principles allow companies flexibility in choosing
In examining the costs of pension plans, Helen Kaufman, CPA
Daniel Perkins is the sole shareholder of Perkins Inc., which is
For more than 100 years, the financial statements of the Town
You are hired to review the accounting records of Sheridan Corporation (
Financial assets include stocks and bonds. These are fairly simple securities
Choose the best answer. 1. Under GASB standards,
Why should caution be exercised in the use of the net income
Choose the best answer. 1. Federal statutes assign responsibility
