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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 accounting standards do you think Lehman Brothers violated?
GAAP standards.
Gaap standards - how many check copies?
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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 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.
A common set of accounting standards and procedures are called?
GAAP - Generally Accepted Accounting Principles
Is cash flow statement required by GAAP?
Yes Cash flow statement is required by GAAP and IAS (international accounting standards) as well.
Does gaap require statement of cash flows?
Yes
How many international accounting standards are there?
Typically, every country can have their own set of accounting standards used for private enterprises. However, the three major accounting standards recognized globally are US GAAP, Canadian GAAP (although Canada is switching to IFRS effective January 1st, 2011), and IFRS (which is used by most countries in the world now, excluding USA, which uses US GAAP). *GAAP = Generally Accepted Accounting Principles **IFRS = International Financial Reporting Standards
What is the current source of GAAP in the private sector?
In the private sector, the current source of Generally Accepted Accounting Principles (GAAP) is primarily the Financial Accounting Standards Board (FASB). The FASB establishes and maintains standards for financial reporting, which are recognized as authoritative guidelines for U.S. companies. Additionally, the Accounting Standards Codification (ASC) serves as the official source of GAAP in the United States, providing a structured framework for accounting standards.
Who can issue disclosure requirements for companies under its jurisdiction that may exceed gaap?
Sec, gaap,
