GAAP: Generally Accepted Accounting principles

GAAP–Generally Accepted Accounting principles are a set of rules and regulations set up in order to facilitate standardization in financial statements prepared by companies. GAAP emphasis a standard is maintained while compiling financial statements so that accounts and auditors don’t have to study the financial accounting norms followed by each company. The principles under GAAP [...]

FASB: Financial Accounting Standards Board

FASB or Financial Accounting Standards Board is the governing body responsible for standardizing financial accounting and reporting in the USA. FASB guides and educates the general public users of financial information, issuers and auditors, making it easy for them to deal with financial accounting statements. FASB’s financial reporting system is a key to the efficient [...]