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 [...]

CASB: Cost Accounting Standards Board

Cost Accounting Standards Board, popularly known as the CASB was formed by the U.S Congress with an intension to promulgate Cost Accounting Standards (CAS). The Board functions to enforce CAS in order to maintain uniformity and consistency in the cost accounting practices that govern the assignment and allocate costs to contracts with the U.S. CASB [...]

CAS: Cost Accounting Standards

CAS or Cost Accounting Standards form a set of rules or standards coined by the CASB in order to maintain consistency and uniformity in the cost accounting practices that govern the assignment and allocate costs to contracts with the U.S. CAS was formulated as a result of several tests, trials and errors on common cost [...]

CAP: Committee of accounting Procedure

CAP or the Committee of accounting Procedure is AICPA’s committee which primarily works as the principles- promulgating body. CAP was formed in 1936 but took an active form in 1938. CAP members consist of accounting practitioners and professors. As time went on CAP was replaced by the (APB) Accounting Principles Board, which was, further replaced [...]