1.
Generally Accepted Accounting Principle (GAAP):
Generally Accepted Accounting Principle (GAAP) is a common set of accounting principles, standards, and procedures that the companies must follow at the time of preparation of the financial statements.
To identify: The body which is responsible for the establishment of GAAP in United States.
2.
International Financial Reporting Standards:
They are commonly known as IFRS. It is a set of accounting standards which are developed by independent (Non-profit) organization called as International Accounting Standards Board (IASB). It is universally accepted set of standards which states the rules and practice for accounting practice.
To identify: The body which is responsible for the establishment of GAAP on an international basis.
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Financial Accounting - Text Oly (Custom)
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