Topic: Generally Accepted Accounting Principles GAAP
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What are Generally Accepted Accounting Principles (GAAP)?
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What is Generally Accepted Accounting Principles (GAAP)?
Basically GAAP is the common set of rules used to determine how to do accounting in the USA. There's a board called the Financial Accounting Standards Board (FASB) that sets the accounting policy for the United States. GAAPare principles th... Read More »
Source: http://answers.yahoo.com/question/index?qid=20070122095707AAZJkLD
Why is Generally Accepted Accounting Principles (US GAAP) importa...
Accounting Practice has developed gradually over a matter of centuries. Many of its procedures are operated automatically by people who have never questioned whether alternative methods exits which are just as valid. However, the procedures... Read More »
Source: http://answers.yahoo.com/question/index?qid=20100130150838AApXTxN
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Death!
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GAAP is not law. For example, the IRS allows businesses to use accelerated depreciation, GAAP does not (for financial statements).
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Source: http://answers.yahoo.com/question/index?qid=20060917120247AASQJtm
State insurance regulators require insurance companies to keep their accounting records for filing annual financial reports in accordance with statutory accounting principles (SAP). The Internal Revenue Service requires insurers to report t...
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Source: http://www.ehow.com/how_4678111_convert-statutory-accounting-prin...
The Statutory Accounting Principles (SAP) forms the basis for preparing the financial statements of insurance companies. GAAP is the set of accounting rules required to be followed by all companies, irrespective of the industry. Broadly, SA...
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Source: http://www.ehow.com/about_4884642_between-statutory-accounting-pr...
list all generally accepted accounting principles in Pakistan
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Accrual-based accounting recognizes economic transactions as they occur in the normal operations of business. This accounting method follows Generally Accepted Accounting Principles (GAAP) matching principle, matching revenues earned with t...
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Source: http://www.ehow.com/facts_5799400_accrual-basis-accounting-accept...
GAAP is important for uniformity reasons. Any where in the world as long as the two companies are operating in the same industry you can easy compare them simple because of GAAP. Thank you
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Source: http://wiki.answers.com/Q/What_is_the_importance_of_generally_acc...
