Accounting Principles and Concepts
2024-04-17
What Are Accounting Principles? Accounting principles are the rules and guidelines that companies and other bodies must follow when reporting financial data. These rules make it easier to examine financial data by standardizing the terms and methods that
Accounting standards are implemented to improve the quality of financial information reported by companies. In the United States, the Financial Accounting Standards Board (FASB) issues generally accepted accounting principles (GAAP). GAAP is required for all publicly traded companies in the U.S.; it is also routinely implemented by non-publicly traded companies as well. Internationally, the International Accounting Standards Board (IASB) issues International Financial Reporting Standards (IFRS).
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