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1. Laws of Accounting 2. Ised in the preparation of external Financial Statements 3. Issued by FASB 4. Must be applied on a basis CONSISTENT

1. Laws of Accounting

2. Ised in the preparation of external Financial Statements

3. Issued by FASB

4. Must be applied on a basis CONSISTENT with preceding accounting period to assure COMPARABILITY

5. The FASB establishes US GAAP

6. The IASB establishes IFRS (International Financial Reporting Stnadards)

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