![]() ![]() In simple words, Generally Accepted Accounting Principles are a collection of commonly used rules and procedures. Source: GAAP (Generally Accepted Accounting Principles) () ![]() You are free to use this image on your website, templates, etc, Please provide us with an attribution link How to Provide Attribution? Article Link to be Hyperlinked These statements, which include the Balance Sheet, Income Statement, Cash Flows, and Shareholders Equity Statement, must be prepared in accordance with prescribed and standardized accounting standards to ensure uniformity in reporting at all levels. The IFRS specifies, prepares, and discloses financial statements Financial Statements Financial statements are written reports prepared by a company's management to present the company's financial affairs over a given period (quarter, six monthly or yearly). One hundred ten countries in the world follow International Financial Reporting Standards (IFRS). FASB follows the Financial Accounting Standards Board Advisory Council’s (FASAC) directives for improving these principles. The Generally Accepted Accounting Principles are issued by the Financial Accounting Standards Board (FASB). Although it isn’t compulsory for every business entity, the Securities and Exchange Commission (SEC) has made it mandatory for publicly listed companies. ![]() GAAP, or the US GAAP, is a framework that shows the right way of accounting to the organizations.
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