GAAP, also known as US GAAP, is a set of commonly followed accounting rules and standards for financial reporting. GAAP varies by country, and there is no universally recognized financial reporting, logging, and posting system in place at the moment. It debated and implemented four major rules and standards. In the early 1970s, the Financial Accounting Standards Board (FASB) and the Governmental Accounting Standards Board (GASB) in the United States developed and implemented GAAP. History of The Four Main Principles of GAAP History of The Four Main Principles of GAAP.Financial investments should be recorded at fair value at the end of each accounting period.Assets that have a quoted, market-ready value should be recorded at their current market value.Highly liquid assets (assets which are expected to be turned into cash in the very near future) should be recorded at their current market value. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |