Generally accepted privacy principles9/16/2023 ![]() ![]() Securities and Exchange Commission (SEC) necessitates that US GAAP be followed in financial reporting by publicly traded companies. ![]() GAAP in U.S.: The United States government does not openly establish accounting standards by law. GAAP is not considered as a sole accounting law, but it is a collective of many rules on how to account for different transactions. GAAP is a codification of how CPA firms and company plan and present their business income and expenditure, assets and liabilities in their financial statements. Generally Accepted Accounting Principles (GAAP) is based on those rules of action or conduct, which are derived from experience and practice, and when they confirm useful, they are accepted as principles of accounting. The notion of Generally Accepted Accounting Principle includes the standards, conventions, and rules that accountants pursue in recording and summarizing accounting transactions, and in the preparation of financial statements. These are normally known as accounting standards. Generally Accepted Accounting Principles (GAAP) is described by management theorists as the standard framework of guiding principle for financial accounting used in any given authority. ![]()
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