gaap accounting standards

What is GAAP? GAAP stands for Generally Accepted Accounting Principles or prinsif-prinsif Generally Accepted Accounting Standards. GAAP accounting is a common standard and the company went public that has been developed over the years, and which is used by businesses to manage their financial information into a concise record of accounting transactions in financial reporting, as well as revealing some supporting information.
        One reason to use GAAP financial statements is that the reader some companies have a reasonable basis for comparison, since all companies use GAAP financial statements has been made using the same rules.

that include GAAP arrangement are:
1. Financial Statements2. Assets3. Obligation4. Justice5. Revenue6. Load7. Merger8. Derivatives and hedging9. The fair value10. Foreign currency11. Rent12. Non-monetary transactions13. Events occurring after the balance sheet date

   Special accounting industry, such as airlines, extractive activities, and health care from the GAAP statements of a series of government-sponsored entity accounting, in which the Financial Accounting Standards Board (FASB) is the latest. Securities and Exchange Commission also issues accounting pronouncements through Staff Accounting Bulletins and other announcements are only applicable to publicly held companies, and are considered part of GAAP. GAAP codified into Accounting Standards Codification (ASC), which is available online and (more legible) in printed form.
   GAAP is used primarily by companies to report their financial results in the United States. International Financial Reporting Standards, or IFRS, the accounting framework that is used in most countries. GAAP is much more than rule-based than IFRS. IFRS focuses more on general principles of GAAP, IFRS work made much smaller, cleaner, and easier to understand than GAAP.

    There are several working groups which gradually reduces the differences between GAAP and IFRS accounting framework, so that eventually there should be little difference in the results reported in the business when switching between the two frameworks.