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Countries That Follow Generally Accepted Accounting Principles

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Do all countries follow Generally Accepted Accounting Principles (GAAP)? Why or why not? Is there one set of accounting standards followed by all countries? Explain the concept of harmonization of these standards. Please give a full response, approximately 200 words.

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The solution determines what countries follow generally accepted accounting principles.

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Not all countries follow the generally accepted accounting principles or GAAP. GAAP are accounting standards developed by the American Institute of Public Accountants' Financial Accounting Standards Board of AICPA FASB. Though they are mandatory for U.S. companies, other countries have the choice to follow the same standards or follow that of another accounting ...

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