Three groups that participate in the process of establishing GAAP are users, preparers, and auditors. These groups
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1. Securities and Exchange Commission.
2. Financial Executives International.
3. American Institute of Certified Public Accountants.
4. Institute of Management Accountants.
5. Association of Investment Management and Research.
GAAP
Generally Accepted Accounting Principles (GAAP) is the accounting standard adopted by the U.S. Securities and Exchange Commission (SEC). While the SEC previously stated that it intends to move from U.S. GAAP to the International Financial Reporting Standards (IFRS), the...
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Related Book For
Intermediate Accounting
ISBN: 9781259722660
9th Edition
Authors: J. David Spiceland, James Sepe, Mark Nelson, Wayne Thomas
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