What is generally accepted accounting principles?
Generally Accepted Accounting Principles (GAAP) is the standard framework of guidelines for financial accounting used in the United States of America. It includes the standards, conventions, and rules accountants follow in recording and summarizing transactions, and in the preparation of financial statements. Generally Accepted Accounting Principles are now issued by the Financial Accounting Standards Board (FASB). In many instances, FASB works in conjunction with the International Accounting Standards Board (IASB) in the development of GAAP. Learn more here …
