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Why is hierarchy of generally accepted accounting principles needed?
Wiki User
∙ 11y ago
Accounting and financial reporting guidance is provided not only by the two major accounting standards-setting bodies, but also by the AICPA, the staffs of the accounting standards-setting bodies, and even professional literature. Because of the heavy workloads of the standards-setting bodies, they may not have issued guidance on a particular issue of concern to a practitioner. A hierarchy of generally accepted accounting principles allows a practitioner to look to the guidance of other bodies in the event the Board with jurisdiction has not issued a standard on a particular matter.
Wiki User
∙ 11y ago
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What does the acronym GAAP stand for?
GAAP is an acronym for Generally Accepted Accounting Principles. GAAP is a series of basic rules accepted by those within the accounting community to perform accounting tasks.
What do you mean by gaap?
GAAP is an acronym for Generally Accepted Accounting Principles
How many generally accepted accounting principles are there?
how many principle of gaap
What types of accounting reports are prepared in conformity with generally accepted accounting principles?
Financial Statements
Generally accepted accounting principles regulate how and what financial information is reported by businesses?
yes
Generally accepted in the phrase generally accepted accounting principles means that the principles?
in the phrase generally accepted accounting principles means
List of Generally Accepted Accounting Principles?
what is the list of generally accounting accepted principles
A common set of accounting standards and procedures are called?
GAAP - Generally Accepted Accounting Principles
What are the Examples of generally accepted accounting principles?
principles
What does the acronym GAAP stand for?
GAAP is an acronym for Generally Accepted Accounting Principles. GAAP is a series of basic rules accepted by those within the accounting community to perform accounting tasks.
The GAAP are the generally accepted principles in what field?
Accounting
What does GAAP stand for?
Generally Accepted Accounting Principles. There are different types of GAAP in todays world. For example, there is U.S. GAAP (generally accepted acccounting principles in the United States) and U.K. GAAP (generally accepted accounting principles in the United Kingdom).
The initials GAAP stand for?
Generally Accepted Accounting Principles
How many generally accepted accounting principles are there?
how many principle of gaap
What do you mean by gaap?
GAAP is an acronym for Generally Accepted Accounting Principles
What types of accounting reports are prepared in conformity with generally accepted accounting principles?
Financial Statements
What do you understand of the term generally accepted accounting principles?
acceptable in layman term
