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what is the FASB guidelines? and how FASB does FASB confy with US GAAP's account Stantard?

what is the FASB guidelines? and how FASB does FASB confy with US GAAP's account Stantard?

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Expert Solution

On July 1, 2009, the FASB Accounting Standards CodificationTM became the single official source of authoritative, nongovernmental U.S. generally accepted accounting principles (GAAP).

The Financial Accounting Standards Board (FASB) is a private, non-profit organization standard-setting body whose primary purpose is to establish and improve Generally Accepted Accounting Principles (GAAP) within the United States in the public's interest.

What are the 5 basic principles of accounting?

  • Revenue Recognition Principle. When you are recording information about your business, you need to consider the revenue recognition principle. ...
  • Cost Principle. ...
  • Matching Principle. ...
  • Full Disclosure Principle. ...
  • Objectivity Principle.

Generally accepted accounting principles, or GAAP, are a set of rules that encompass the details, complexities, and legalities of business and corporate accounting. The Financial Accounting Standards Board (FASB) uses GAAP as the foundation for its comprehensive set of approvedaccounting methods and practices.

The best way to understand the GAAP requirements is to look at the ten principles of accounting.

  1. Economic Entity Principle. ...
  2. Monetary Unit Principle. ...
  3. Time Period Principle. ...
  4. Cost Principle. ...
  5. Full Disclosure Principle. ...
  6. Going Concern Principle. ...
  7. Matching Principle. ...
  8. Revenue Recognition Principle.

  9. 9. MATERIALITY PRINCIPLE...

  10. 10. CONSERVATISM PRINCIPLE....

ekkarill92 answered 1 year ago
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