27. Generally accepted accounting principles 2 puntos are fundamental truths or axioms that can be derived from laws of nature. O derive their authority from legal court proceedings. derive their credibility and authority from general recognition and acceptance by the accounting profession. have been specified in detail in the FASB conceptual framework. 2 puntos 27. Generally accepted accounting principles are fundamental truths or axioms that can be derived from laws of nature. derive their authority from legal court proceedings. derive their credibility and authority from O general recognition and acceptance by the accounting profession. have been specified in detail in the FASB conceptual framework