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The FASB Accounting Standards Codification is the source of authoritative GAAP recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the SEC under authority of federal securities laws are also sources of authoritative GAAP for SEC registrants. In addition to the SEC's rules and interpretive ...
The Financial Inquiry Crisis Report ("FCIC Report") issued by the FCIC on January 27, 2011, presented the FCIC majority's view of the effect of the 2004 net capital rule change on leverage by stating: "Leverage at the investment banks increased from 2004 to 2007, growth that some critics have blamed on the SEC's change in the net capital rules ...
Principles-based standards allow for "different interpretations for similar transactions", [16] and have also been described as "less precise", [17] while rules-based standards contain more exceptions [16] and use bright-line rules and specific details to deal with "as many potential contingencies as possible". [18]
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These are based on information from various sources. The starting point was the responses provided by standard-setting and other relevant bodies to a survey that the IFRS Foundation conducted. As of August 2019, profiles are completed for 166 jurisdictions, with 166 jurisdictions requiring the use of IFRS Standards.
The term generally accepted accounting principles (GAAP) was popularized in the late 1930s. [ 1 ] [ better source needed ] Some important elements that accounting standards cover include identifying the exact entity which is reporting, discussing any "going concern" questions, specifying monetary units, and reporting time frames.
The generally accepted accounting principles (GAAP) are a set of accounting principles, procedures and standards that organisations use in order to compile their financial statements. GAAP states that the purpose of account reconciliation is to provide accuracy and consistency in financial accounts. To ensure all cash outlays and inlays match ...
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