Explore BrainMass

Explore BrainMass


    Not what you're looking for? Search our solutions OR ask your own Custom question.

    This content was COPIED from BrainMass.com - View the original, and get the already-completed solution here!

    What are Generally Accepted Accounting Principles (GAAP)?
    How does GAAP affect financial reporting?
    How does GAAP need to change to accommodate today's dynamic business environment?

    © BrainMass Inc. brainmass.com March 4, 2021, 11:13 pm ad1c9bdddf

    Solution Preview

    What are Generally Accepted Accounting Principles (GAAP)?
    These are rules and procedures that define accepted accounting practice. This is a mix of detailed procedures and principles. These are accounting standards and principles that are used in a country. The Generally Accepted Accounting Principles provides the basis on which the financial statements are prepared. Specifically, there are principles and rules that are developed by the Financial Accounting Standards Board. This is a ...

    Solution Summary

    This posting gives you an in-depth insight into GAAP