Let's consider, for a moment some of the various areas of the Generally Accepted Accounting Principles,...

Let's consider, for a moment some of the various areas of the Generally Accepted Accounting Principles, which is also known as GAAP. GAAP is pretty extensive and general in nature, and the point behind that is to have a set of guidelines that allow for various different companies in a wide variety of fields to have a set of accounting principles in which to produce their financial statements. I have a website here for you that I would like for you to take a look at. If you cannot open it, I have pasted it below. I would like you to go to that website and see what is new to you. Please choose a topic that has not been chosen yet, and then share what you learned here.

http://www.accounting.com/resources/gaap/

Expert Solution

Government Accounting Standard Board

The GASB ( Government Accounting Standard Board) which was established in the year 1984 ia a policy that the Board charged by creating the generally accepted accounting principles for the state and local government organizations. The lawmakers, constituents and many other parties rely on the financial statements of the government.

GASB standards are set by a process in which firstly Create an independent task force then Conduct research on the subject of new standard after that Engage the public through published commentary then by Creating the exposure draft of the planned standard, Host the public hearings before a standard is finalized.

Various major projects were taken in the year 2015 like Financial Reporting Model ( which improve effectiveness, efficiency and reliability of financial reporting standard models.) , Expenses Revenue Recognition ( which creates a framework for trading and reporting transactions relating to thr revenue and expenses.) , Capitalization of Interest Cost ( which simplify financial reporting process.) and Equity Interest Ownership Issue (which improve measure of equity ownership positions.)

GASB provides fairness and tranparency at its priority level.

jeff jeffy answered 2 years ago

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