Wikia

Accounting

Accounting standards

Talk0
24pages on
this wiki

Standards are needed to insure that financial statements easily and consistently describe financial performance. Without standards, users of financial statements would need to learn the accounting rules of each company, and comparisons between companies would be difficult. Generally referred to as Generally Accepted Accounting Principles (GAAP), these principles are "generally accepted" because an authoritative body has set them or the accounting profession widely accepts them as appropriate.

Around Wikia's network

Random Wiki