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).

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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).

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