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Distinguished between generally accepted auditing standards (GAAS) and generally accepted accounting principle. (GAAP). What professional organization...

Distinguished between generally accepted auditing standards (GAAS) and generally accepted accounting principle. (GAAP).

What professional organization establishes GAAS?

What professional organization establishes GAAP?

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Answer #1

GAAP- Generally accepted account, prindples is a set of accounting principles, accounting standards and proredures prescribed for companies follow while they compile and prepare financial statements.

The mail purpose of GAAP is to ensure that the finacial reporting of finacial statements should provide for transparency and consistency m Its presentation to stakeholders.

Organisation Involved in GAAP establishment Is FA. -Fmancial accounting standard board which is earlier called as AIGPA American Institute of certfied public accountants and other private bodies which has eminent knowledge.

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