GAAP principles (Generally accepted accounting)
What Is Generally accepted accounting principles (GAAP)?
https://www.accounting.com/resources/gaap/
10 GAAP Principles
Principle of Regularity: GAAP-compliant accountants strictly adhere to established rules and regulations.
Principle of Consistency: Consistent standards are applied throughout the financial reporting process.
Principle of Sincerity: GAAP-compliant accountants are committed to accuracy and impartiality.
Principle of Permanence of Methods: Consistent procedures are used in the preparation of all financial reports.
Principle of Non-Compensation: All aspects of an organization's performance, whether positive or negative, are fully reported with no prospect of debt compensation.
Principle of Prudence: Speculation does not influence the reporting of financial data.
Principle of Continuity: Asset valuations assume the organization's operations will continue.
Principle of Periodicity: Reporting of revenues is divided by standard accounting periods, such as fiscal quarters or fiscal years.
Principle of Materiality: Financial reports fully disclose the organization's monetary situation.
Principle of Utmost Good Faith: All involved parties are assumed to be acting honestly.
10 GAAP Principles
Principle of Regularity: GAAP-compliant accountants strictly adhere to established rules and regulations.
Principle of Consistency: Consistent standards are applied throughout the financial reporting process.
Principle of Sincerity: GAAP-compliant accountants are committed to accuracy and impartiality.
Principle of Permanence of Methods: Consistent procedures are used in the preparation of all financial reports.
Principle of Non-Compensation: All aspects of an organization's performance, whether positive or negative, are fully reported with no prospect of debt compensation.
Principle of Prudence: Speculation does not influence the reporting of financial data.
Principle of Continuity: Asset valuations assume the organization's operations will continue.
Principle of Periodicity: Reporting of revenues is divided by standard accounting periods, such as fiscal quarters or fiscal years.
Principle of Materiality: Financial reports fully disclose the organization's monetary situation.
Principle of Utmost Good Faith: All involved parties are assumed to be acting honestly.
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