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.
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.
Solution Summary: The author explains the Generally Accepted Accounting Principle (GAAP) and the International Financial Reporting Standards (IFRS).
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.
To determine
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.
n the United States, the __________, a government agency, has the legal authority to set GAAP.
which regulatory frameworks between UK, Europe, US and Australia provides the highest regulatory standards
Explain whether or not the adoption of IFRS by different countries will result in the adoption of consistent and comparable accounting practices internationally.