US Generally Accepted Accounting Principles – Download US GAAP & IFRS Standards PDF
Welcome to our new post. In this post, we will provide you with a PDF of the US GAAP Standards. You can find the GAAP Standards in the US which you can also download in PDF format at the end of this post.
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What is GAAP?
Generally Accepted Accounting Principles (GAAP or US GAAP) are a collection of commonly-followed accounting rules and standards for financial reporting. The specifications of GAAP, which is the standard adopted by the U.S. Securities and Exchange Commission (SEC), include definitions of concepts and principles, as well as industry-specific rules.
The purpose of GAAP is to ensure that financial reporting is transparent and consistent from one organization to another.
GAAP is merely a set of standards. Although its principles work to improve the transparency in financial statements, they do not provide any guarantee that a company’s financial statements are free from errors or omissions that are intended to mislead investors.
US GAAP Standards List
- The SEC has stated that it intends to move from GAAP to the International Financial Reporting Standards (IFRS).
- The use of GAAP is not mandatory for all businesses, but SEC requires publicly traded and regulated companies to follow GAAP for the purpose of financial reporting.
- Companies that issue stock are held to this standard by SEC, which requires yearly external audits by independent accountants, but companies without external investors are not obliged to follow this standard.
- Government entities, on the other hand, are influenced by a set of standards that are slightly different from GAAP. The Government Accounting Standards Board (GASB) manages those standards.
Download US GAAP Standards PDF
You can download the US GAAP Standards PDF from the download button given below.
We hope you find this content useful and are able to download the PDF for the US GAAP Standards.