GAAP

Generally Accepted Accounting Principles (GAAP) is the accounting standard adopted by the U.S. Securities and Exchange Commission (SEC). While the SEC previously stated that it intends to move from U.S. GAAP to the International Financial Reporting Standards (IFRS), the latter differ considerably from GAAP and progress has been slow and uncertain. More recently, the SEC has acknowledged that there is no longer a push to move more U.S companies to IFRS so the two sets of standards will "continue to coexist" for the foreseeable future.


Still want to learn more about GAAP

Checkout other online study materials on SolutionInn

Related solved question answer on GAAP

Join SolutionInn Study Help for
1 Million+ Textbook Solutions
Learn the step-by-step answers to your textbook problems, just enter our Solution Library containing more than 1 Million+ textbooks solutions and help guides from over 1300 courses.
24/7 Online Tutors
Tune up your concepts by asking our tutors any time around the clock and get prompt responses.
Post a Question

Answers from our experts for your tough homework questions

Relevant accounting tutors