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Intermediate Accounting: Reporting...
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Intermediate Accounting: Reporting...
How do accounting concepts, principles, standards, and rules differ?
Explain the manner by which the accounting concepts, principles, standards and rules differ.
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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