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In 1939, the American Institute of Certified Professional Accountants (AICPA) established a committee to develop accounting standards and reports for the private sector. This committee developed Generally Accepted Accounting Practices (GAAP) for use by accounting professionals. It is a collection of commonly-followed accounting rules and standards for financial reporting.
What is GAAP?
A unified set of accounting guidelines, methods, and standards known as generally accepted accounting principles (GAAP) were released by the Financial Accounting Standards Board (FASB). When their accountants put together a public company's financial statements, they must adhere to GAAP in the United States.
Ten basic principles serve as the framework for GAAP, which is a set of regulations. The International Financial Reporting Standards (IFRS), which are seen as more of a principles-based norm, are frequently used as a comparison. There have recently been initiatives to move GAAP reporting to IFRS because it is a more global standard.
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