IT Financials Glossary

GAAP (Generally Accepted Accounting Principles)

Posted in Accounting by mgentle on August 26, 2010

GAAP (Generally Accepted Accounting Principles): the rules and guidelines for financial accounting, used mainly in the US.

In a globalized world however, there is now increasing convergence towards IFRS (International Financial Reporting Standards), used in Europe and the rest of the world. The US Securities and Exchange Commission (SEC) has set preliminary dates for the conversion, saying that US publicly-traded companies will need to use IFRS from 2014 onwards.


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