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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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