answersLogoWhite

0

What is Importance of GAAP?

Updated: 4/28/2022
User Avatar

Wiki User

11y ago

Best Answer

GAAP is an acronym for Generally Accepted Accounting Principles, which is the standard guideline and rules that need to be followed in a particular jurisdiction. Many people rely on objective reporting of financial information by companies and other individuals, and the GAAP help ensure that data is unbiased and consistent.

User Avatar

Wiki User

11y ago
This answer is:
User Avatar

Add your answer:

Earn +20 pts
Q: What is Importance of GAAP?
Write your answer...
Submit
Still have questions?
magnify glass
imp
Related questions

The importance of GAAP in Health Care Organizations?

generally accepted accounting principles


Where GAAP is implementing in Pakistan?

gaap


What do you mean by gaap?

GAAP is an acronym for Generally Accepted Accounting Principles


How does GAAP affect financial reporting?

How does GAAP affect financial reporting?


What is Pakistani GAAP?

ugly people need gaap to look nicer


Short note of accounting standards and GAAP?

short note on GAAP


When was GAAP established?

In 1992, the Auditing Standards Board established the GAAP hierarchy.


What is the purpose of GAAP?

Generally Accepted Accounting Principles, or GAAP, are the standards used by accountants. GAAP ensures that all companies report financial information in a consistent manner.


Full form of GAAP?

In Accounting/Finance arena GAAP stands for Generally Accepted Accounting Principals. Eevery company has to balance their books by GAAP standards and regulations.


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).


Who can issue disclosure requirements for companies under its jurisdiction that may exceed gaap?

Sec, gaap,


What is the XBRL term for sales and for gross profit?

It depends which GAAP you are referring to. The answer would be different for US GAAP, Canadian GAAP or IFRS. If you mean US GAAP, you can look it up at http://xbrl.us/Pages/US-GAAP.aspx - the answer(s) would probably be SalesRevenueNet and GrossProfit, respectively.