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Standards and Accepted Ways of Accounting |
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Summary of US Generally Accepted Accounting Principles. Abstract
US GAAP are the Generally Accepted Accounting Principles used by companies based in the USA or listed at Wall Street. US GAAP comprises a massive volume of standards, interpretations, opinions and bulletins and are developed by the FASB (Financial Accounting Standards Board), the accounting profession (AICPA) and the SEC (Securities and Exchange Commission).
US GAAP is a combination of authoritative standards (set by policy boards) and the accepted ways of doing accounting.
US GAAP standards are certainly equivalent to IAS. However, they are
developed without any input from outside the US. US GAAP is very detailed,
reflecting the litigious environment in the US which calls for more and more
detailed regulation. US GAAP cannot be detached from the regulatory
intervention by the SEC.
Compare also:
IASB |
FASB |
Fair Value
More on valuation methodologies
👀 | TIP: To learn more, have a look at the USGAAP center: Summary, forum, tips and tools. |
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