Accounting principles are the rules and guidelines that companies and other bodies must follow when reporting financial data. These rules make it easier to examine financial data by standardizing the terms and methods that accountants must use. TheInternational Financial Reporting Standards (IFRS)is the...
If an organization's stock is traded publicly, its accounting statements must follow the rules laid down by the Securities and Exchange Commission's rules (SEC). The SEC mandates that publicly traded companies in the United States submit GAAP-compliant accounting statements on a periodic basis in ...
What are the categories of accounting standards? Accounting standards are not a one-size-fits-all set of rules. Financial needs and processes vary from business to business, but accountants are bound by standards specific to their work type and location. These are the three accounting standards...
accounting principles are Generally Accepted Accounting Principles (GAAP) and the International Financial Reporting Standards (IFRS). Accounting policies are not the same as accounting principles. Accounting principles are the main accounting rules, and accounting policies are how a company uses the rules...
Accounting policies are different from accounting principles, which are the accounting rules to which all accounting policies must conform. A company's management team can choose specific accounting policies that are advantageous to the firm's financial reporting. The team might use either conservative ...
accounting principles (GAAP). In this context, principles of accounting includes both the underlying basic accounting principlesandthe official accounting pronouncements issued by the Financial Accounting Standards Board (FASB). These official pronouncements are the detailed rules or standards for specific ...
Generally accepted accounting principles (commonly referred to as GAAP or US GAAP) are the common accounting rules that must be followed when a U.S. company prepares financial statements that will be distributed to people outside of the company. These common rules range from basic underlying pri...
Accounting policies are rules and guidelines that are selected by a company for use in preparing and presenting its financial statements
IFRS Standards consist of a set of accounting rules that determine how transactions and other accounting events are required to be reported in financial statements.
TheChinese accounting standards (CAS)are the rules of accounting that are applied in Mainland China. These rules are unique since they started in the Chinese socialist era when the country was the primary owner of all, or say most industries. This implies CAS was originally not meant to a...