11/24/2014

Generally accepted accounting principles - Wikipedia, the free encyclopedia

Generally accepted accounting principles

From Wikipedia, the free encyclopedia

(Redirected from GAAP)

Generally accepted accounting principles (GAAP) refer to the standard framework of guidelines for
financial accounting used in any given jurisdiction; generally known as accounting standards or
standard accounting practice. These include the standards, conventions, and rules that accountants
follow in recording and summarizing and in the preparation of financial statements.

Contents
1 Examples
2 Global standardization
3 See also
4 References
5 External links

Examples
Generally accepted accounting principles (USA)
Generally accepted accounting principles (United Kingdom)
Generally accepted accounting principles (Plan Comptable Gnral) (France)
Generally accepted accounting principles (Grundstze ordnungsmiger Buchfhrung) (Germany)
Generally accepted accounting principles (RAP) (Russia)
Chinese Accounting Standards (Zhnggu qy kuij zhnz

) (China)

International Financial Reporting Standards (international)

Generally accepted accounting principles (India)

Global standardization
Many countries use or are converging on the International Financial Reporting Standards (IFRS) that
was established and is maintained by the International Accounting Standards Board. In some countries,
local accounting principles are applied for regular companies but listed or large companies must
conform to IFRS, so statutory reporting is comparable internationally, across jurisdictions.
All listed and grouped EU companies have been required to use IFRS since 2005, Canada moved in
2009,[1] Taiwan in 2013,[2] and other countries are adopting local versions.[3][4]
In the United States, while "...the SEC published a statement of continued support for a single set of
high-quality, globally accepted accounting standards, and acknowledged that IFRS is best positioned to
serve this role..."[5] progress is less evident.[5][6]
http://en.wikipedia.org/wiki/Generally_accepted_accounting_principles

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Generally accepted accounting principles - Wikipedia, the free encyclopedia

See also
Center for Audit Quality (CAQ)
Chinese accounting standards
Constant item purchasing power accounting
Generally Accepted Accounting Principles (Canada)
Generally Accepted Accounting Principles (France)
Generally Accepted Accounting Principles (UK)
Generally Accepted Accounting Principles (United States)
International Financial Reporting Standards
Philosophy of accounting
Statutory accounting principles for insurance companies in the US

References
1. ^ "AcSB Confirms Changeover Date to IFRSs" (http://www.cica.ca/ifrs/media-room/mediareleases/2008/pf_item2992.aspx). Canadian Institute of Chartered Accountants. 13 February 2008. Retrieved
8 August 2009.
2. ^ "IFRS accounting measures to take effect for all listed companies in Taiwan in 2013"
(http://www.chinapost.com.tw/taiwan/national/national-news/2013/01/01/365947/IFRS-accounting.htm), Ted
Chen, The China Post, January 1, 2013
3. ^ "NZ IFRS: 2011 volume" (http://www.nzica.com/Technical/Financial-reporting/Standards-andguidance/New-Zealand-IFRSs/2011.aspx)
4. ^ "Financial reporting framework in Australia" (http://www.iasplus.com/en/jurisdictions/oceania/country1),
Deloitte
5. ^ a b "IFRS: Current situation and next steps" (http://www.pwc.com/us/en/issues/ifrs-reporting/transition-toifrs-status.jhtml), pwc.com
6. ^ "New mechanisms eyed by FASB, IASB in long march toward global comparability"
(http://www.journalofaccountancy.com/News/20137119.htm), Ken Tysiac January 10, 2013,
journalofaccountancy.com

External links
Accounting Standards Guide (http://www.fasab.gov/accepted.html)
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