Sunday, 13 October 2013
Difference between gaap and GAAP
Generally Accepted Accounting Principles (GAAP) are fiat-based code-law criteria.
Generally accepted accounting principles (gaap) are market-based common-law criteria, under which individuals are held to widely accepted standards of behavior.
To what extent are the accounting standards promulgated by the FASB a codiﬁcation of what constitutes generally accepted accounting principles ( a market-based common-law criterion, under which individuals are held to widely accepted standards of behavior ) as distinct from Generally Accepted Accounting Principles ( a ﬁat-based code-law criterion) ?
Ball R 2008 What is the Actual Economic Role of Financial Reporting? Accounting Horizons, Vol 22, No 4, p4
Nicolaas Smith Copyright (c) 2005-2013 Nicolaas J Smith. All rights reserved. No reproduction without permission.
Posted by Nicolaas Smith at 10:59