Generally accepted accounting principles
Generally accepted accounting principles (GAAP) refer to the standard framework of guidelines for financial accounting used in any given jurisdiction; generally known as accounting standards or standard accounting practice. These include the standards, conventions, and rules that accountants follow in recording and summarizing and in the preparation of financial statements.
Many county and city governments in the United States choose to "opt out" of GAAP practices due to the fact that they operate on a cash basis, as opposed to an accrual basis. A comparison would be the way that most people balance their checkbook. When a check is written, that amount is deducted from the total balance even though the funds have not yet been removed from the account. Financial decisions made after that check are based on the amount minus the check that was written, not the current balance before the amount is deducted for the check.
- Generally accepted accounting principles (USA)
- Generally accepted accounting principles (United Kingdom)
- Generally accepted accounting principles (Plan Comptable Général) (France)
- Generally accepted accounting principles (Grundsätze ordnungsmäßiger Buchführung) (Germany)
- Generally accepted accounting principles (RAP) (Russia)
- Chinese Accounting Standards (Zhōngguó qǐyè kuàijì zhǔnzé 中国企业会计准则) (China)
- International Financial Reporting Standards (international)
- Generally accepted accounting principles (India)
Many countries use or are converging on the International Financial Reporting Standards (IFRS) that was established and is maintained by the International Accounting Standards Board. In some countries, local accounting principles are applied for regular companies but listed or large companies must conform to IFRS, so statutory reporting is comparable internationally, across jurisdictions.
In the United States, while "...the SEC published a statement of continued support for a single set of high-quality, globally accepted accounting standards, and acknowledged that IFRS is best positioned to serve this role..." progress is less evident.
- Center for Audit Quality (CAQ)
- Chinese accounting standards
- Constant item purchasing power accounting
- Generally Accepted Accounting Principles (Canada)
- Generally Accepted Accounting Principles (France)
- Generally Accepted Accounting Principles (UK)
- Generally Accepted Accounting Principles (United States)
- International Financial Reporting Standards
- Philosophy of accounting
- Statutory accounting principles for insurance companies in the US
- "AcSB Confirms Changeover Date to IFRSs". Canadian Institute of Chartered Accountants. 13 February 2008. Retrieved 8 August 2009.
- "IFRS accounting measures to take effect for all listed companies in Taiwan in 2013", Ted Chen, The China Post, January 1, 2013
- "NZ IFRS: 2011 volume"
- "Financial reporting framework in Australia", Deloitte
- "IFRS: Current situation and next steps", pwc.com
- "New mechanisms eyed by FASB, IASB in long march toward global comparability", Ken Tysiac January 10, 2013, journalofaccountancy.com