Basic Accounting Principles and Procedures Flashcards
1
Q
What is GAAP? Who are they published by?
A
The Generally Accepted Accounting Principles (GAAP). Establish accounting standards on how company accounts should be prepaired. Published by the Financial Reporting Council (FRC).
2
Q
What is the IFRS? And who maintain these?
A
International Financial Reporting Standards - standards under which financial statements must be pre-paired. Maintained by the International Accounting Standards Board (IASB).