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 ...
This posting gives you an in-depth insight into GAAP