Generally Accepted Accounting Principles
Why are Generally Accepted Accounting Principles needed and what organization establishes them?
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GAAP
Why are Generally Accepted Accounting Principles needed and what organization establishes them?
The mission of the Financial Accounting Standards Board (FASB) by its own definition is described as being "to establish and improve standards of financial accounting and reporting for the guidance and education of the public, including issuers, auditors and users of financial information" (FASB, 2005). To accomplish its mission, and to promote the utilization of generally ...
Solution Summary
This file contains a formatted MS Word file which illustrates (with citations), why Generally Accepted Accounting Principles are needed, as well as information of the organizations that established them.