7/7/2023 0 Comments Gaap meaning![]() ![]() ![]() The Federal Accounting Standards Advisory Board (FASAB) and the Governmental Accounting Standards Board (GASB) are the two standards-setting boards which develop and establish accounting standards which are collectively known as GAAP. The American Institute of Certified Public Accountants (AICPA) Council designated FASAB as the body to be responsible for establishing GAAP for federal reporting entities in October 1999. GAAP are a combination of authoritative standards (set by policy boards) and simply the commonly accepted ways of recording and reporting accounting information.” Investopedia defines GAAP as, “The common set of accounting principles, standards and procedures that companies use to compile their financial statements. GAAP is an acronym for Generally Accepted Accounting Principles.
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