Houston Chronicle

Primary Purpose of Generally Accepted Accounting Principles

Public companies are required to file financial reports regularly and to craft their reports according to generally accepted accounting principles, or GAAP, as the standards are commonly known. The ...
Accounting Today

Cost Accounting Standards Board still working on conforming with GAAP

The Cost Accounting Standards Board, a group set up by Congress in 1970 to make sure federal contractors charge their costs appropriately, is finally making some progress in aligning its 19 cost ...
AOL

What Are Generally Accepted Accounting Principles (GAAP)?

Using standard accounting methods benefits any small business. For those looking to level up their financial reporting, adopting generally accepted accounting principles (GAAP) can unlock new ...
JD Supra

Cost Accounting Board Issues Advance Notice of Proposed Rulemaking to Conform Certain CAS Standards to Generally Accepted Accounting Principles

On June 27, 2024, the Office of Federal Procurement Policy’s Cost Accounting Standards (CAS) Board issued an advanced notice of proposed rulemaking (ANPRM) seeking public comments on proposed changes ...
JournalofAccountancy

GASB establishes new GAAP hierarchy for governmental accounting

New accounting guidance issued Monday by GASB reduces from four to two the categories of authoritative GAAP in the GAAP hierarchy for state and local governments. Under GASB Statement No. 76, The ...
Accounting Today

GASB Revamps GAAP Hierarchy for State and Local Governments

The Governmental Accounting Standards Board has finalized a new standard that aims to simplify the structure of the hierarchy of Generally Accepted Accounting Principles for state and local ...
Houston Chronicle

What Principles of GAAP Affect the Items Reported on Financial Statements?

Generally accepted accounting principles, or GAAP, essentially impact every item on a qualifying financial statement. Most companies and organizations follow GAAP when creating financial statements.

IFRS vs. GAAP: Key Differences in Accounting Standards Explained

Discover the key differences between IFRS and GAAP accounting standards, and learn how they impact financial reporting for ...
Investment U

What are Generally Accepted Accounting Principles (GAAP)?

When a public company issues a financial statement, everything needs to be clear and well-understood by everyone reading it. To ensure this, it’s paramount to have a baseline for reporting. That’s ...

GAAP vs. IFRS: Key Differences in Inventory Accounting

Discover the key differences in inventory accounting between GAAP and IFRS, including valuation methods, write-down reversals ...
TechRepublic

What Are Generally Accepted Accounting Principles (GAAP)?

What Are Generally Accepted Accounting Principles (GAAP)? Your email has been sent Understanding GAAP is essential for anyone involved in finance or accounting. Learn the key principles and their ...
Seeking Alpha

Generally Accepted Accounting Principles (GAAP)

Generally accepted accounting principles, known as GAAP, are a standard set of guidelines followed by US accountants and corporations. Since publicly traded companies are required to report GAAP ...