US GAAP
The common set of accounting principles, standards and procedures used by publicly-traded and privately-held companies, non-profit organizations, and governments in preparing, presenting, and reporting...More
financial statements. GAAP are a combination of authoritative standards (set by policy boards including the Financial Accounting Standards Board (FASB) and commonly accepted accounting practices. The FASB represents the highest formal authority in establishing generally accepted accounting principles for public and private companies in the U.S..
GAAP for local and state governments are set by the Governmental Accounting Standards Board (GASB), and operates under a different set of assumptions, principles, and constraints than those of standard private-sector GAAP. Financial reporting for federal government entities is regulated by the Federal Accounting Standards Advisory Board (FASAB).
GAAP are designed to depict financial information in the most concise and transparent manner to readers of financial statements that allow them to access the relative financial health of a company over a given period or at a given point in time. Less
GAAP for local and state governments are set by the Governmental Accounting Standards Board (GASB), and operates under a different set of assumptions, principles, and constraints than those of standard private-sector GAAP. Financial reporting for federal government entities is regulated by the Federal Accounting Standards Advisory Board (FASAB).
GAAP are designed to depict financial information in the most concise and transparent manner to readers of financial statements that allow them to access the relative financial health of a company over a given period or at a given point in time. Less
Recent Activity
Wayne Spivak (Managing Consulting CFO, SBA * Consulting, LTD)
If you had the ability to change something about GAAP, what would it be? And Why! Here's the 2011 FASB GAAP Handbook Please limit yourself to 3 items.
Anonymous (Controller)
David Scott (Accountant, Scott & Baldwin CPAs)
Anonymous (Assistant Treasurer)
Anonymous (Accounting Manager)
Anonymous (Accounting Manager)
Anonymous (Treasury Manager)
Anonymous (Accounting Manager)
Thomas Smith (Assistant Controller, BCI)
My company which is privately held has guranteed sale arrangements with multiple customers, where can I find some IRFS/GAAP gudiance, in relation to recording reserves for the potential return of the guaranteed sales.
Sunil Thukral (Technical Accounting/Reporting, Consultant)
How is everybody coping with new U.S. GAAP codification? I am sure it would take some time before we all get used to the new numbering. Do share your experiences with me. I am posting the link for a 2 page simple guide, which would help you with transitioning to US GAAP...
