Explain the purpose of Generally Accepted Accounting Principles (GAAP), including the organization currently responsible for the creation and governance of these standards.

Q: Discuss the primary differences between U.S. GAAP and IFRS with respect to the  development of…

A: U.S. GAAP    The Generally Accepted Accounting Principles in the US (US GAAP) refer to the…

Q: For which classification of users are financial statements prepared?  What characteristic of these…

A: Solution Generally Accepted accounting Principle (GAAP) to a common set of accounting principles ,…

Q: Briefly discuss the difference between (A) a “rules-based" approach to accounting standard setting…

A: Rules-based accounting: Rules-based accounting is based on a set of detailed rules that the…

Q: Explain in your own words what generally accepted accounting principles (GAAP) are.

A: GAAP are the rules , standard , guidelines and procedures according to which accounts are prepared.…

Q: Describe the conceptual framework of accounting principles.

A: The conceptual framework can be defined as a system of ideas and objectives that lead to the…

Q: Explain the concepts of fiscal and operational accountability and the basis of accounting used to…

A: Financial accountability refers to the policies adopted by a board for the attainment of their…

Q: Explain the meaning of generally accepted accounting principles (GAAP) and the role of the…

A: GAAP:

Q: Distinguish between Opinions of the Accounting Principle Board and Accounting Standards Updates.

A:

Q: Define Financial Accounting Standards Board (FASB)

A:

Q: is the conceptual framework applied to IAS 1, IAS 8, and IAS 21? IAS is "International Accounting

A: Accounting standards are  the set of rules, regulations, and procedures that examines  the policies…

Q: standard setting process for Generally Accepted Accounting Principles, including the standard…

A:

Q: FASB undertakes a series of elaborate information-gathering steps before issuing an Accounting…

A: FASB follows the following steps while making an update of Accounting Standards:   With the help of…

Q: Which of the following characteristics must exist for accounting information to be useful in making…

A: Definition:

Q: Discuss the assumptions underlying accounting measurement and explain their significance.

A: Accounting can be defined as the process of measuring the monetary business transaction for the…

Q: Explain the following: How Generally Accepted Accounting Practices are utilized in financial…

A: Introduction:   Financial statements are documents that describe a company's operations and…

Q: The purpose of the Conceptual Framework is: A. To assist the International Accounting Standards…

A: The question is multiple choice question. Required  Choose the Correct Option.

Q: Briefly describe the organization that is responsible fordeveloping accounting measurement rules…

A: Accounting concepts and principles: Financial statements are prepared in accordance with the…

Q: Why does The conceptual framework has been described as an “Accounting Constitution”?

A: The conceptual framework sets the boundary within which financial accounting and reporting takes…

Q: Discuss about the accounting policies, selection, relevance, reliability, faithful representation…

A: Accounting policies are specific principle procedures and measures that are used to record,…

Q: Principles

A: Answer: Accounting is the subject that is more concerned with the treatment of the numbers so that…

Q: Accounting standard-setters use the following process in establishing accounting standards:a…

A: Accounting standards are used for financial reporting. These specifies how an accounting transaction…

Q: What does the conceptual framework intend to establish? a. the objectives and cocepts foruse in…

A: Accounting framework defines the rules and framework which depicts the rules, standards that were…

Q: Which of the following is the first step within hierarchy of guidance to which management refers,…

A: SOLUTION- ACCOUNTING POLICIES ARE THE SPECIFIC PRINCIPLES AND PROCEDURES IMPLEMENTED BY A COMPANY'S…

Q: Explain why a regulatory framework is necessary in financial accounting.

A: The term regulatory framework in accounting refers to the set of rules and regulations that are…

Q: The FASB issues accounting standards in the form of: Financial Accounting Standards. Financial…

A: An accounting standard is a common set of principles, standards and procedures that define the basis…

Q: what are the Approaches adopted in the development of accounting standards ,indicating and explain…

A: International accounting standards Board (IASB) is an independent body for setting the International…

Q: Asap Impact of the Financial Accounting Standard Board

A: The Financial Accounting Standards Board was formed to develop reporting standards. It is one of the…

Q: Discuss Practical Implementations of any one generally accepted accounting Principle (GAAP),…

A: Generally Accepted Accounting Principles are used in preparing account of an entity. The purpose of…

Q: ccounting in the United States follows Generally Accepted Accounting Principles (GAAP), which are…

A: The Financial Accounting Standards Board issues a set of accounting principles, standards, and…

Q: Why does the FASB undertake a series of elaborate information-gathering steps before issuing a…

A:

Q: Which is the first step within the hierarchy of guidance when selecting accounting policies? A.…

A: Accounting policy is the rule or method which is adapted by any entity to determine the error free…

Q: In general, what is the conceptual framework that underlies accounting principles?

A: Accounting principles are the specific rules and guidelines that are to be followed in preparation…

Q: State and explain the 3 main elements of regulatory framework in accounting standards

A: Accounting standards refers to the code of conduct or set of rules or authoritative standards set…

Q: Define generally accepted accounting principles (GAAP)

A: GAAP Stand for Generally Accepted Accounting Principles.

Q: Define International Accounting Standards Committee.

A: The International Accounting Standards Committee or IASC was an independent private-sector…