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    Generally Accepted Accounting Principles

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    Why are Generally Accepted Accounting Principles needed and what organization establishes them?

    © BrainMass Inc. brainmass.com October 9, 2019, 9:17 pm ad1c9bdddf
    https://brainmass.com/business/accounting/generally-accepted-accounting-principles-179439

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    For your convenience, I have attached a formatted MS Word file containing the answers to your questions below.

    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.

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