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Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281

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BuyFindarrow_forward

Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281
Textbook Problem
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How do accounting concepts, principles, standards, and rules differ?

To determine

Explain the manner by which the accounting concepts, principles, standards and rules differ.

Explanation

Generally Accepted Accounting Principle (GAAP):

Generally Accepted Accounting Principles is a collection of generally practiced and followed rules and standards of accounting. GAAP provides global guidelines for preparation and disclosure of financial statements of public companies. It is created and developed by “International Accounting Standards Board (IASB)”.

  • The accounting concept statements and the fundamental principles are broad and definitional, these concept and principle form a basis and objectives of the GAAP...

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