The conventions and standards applied in U.S for purposes of offering uniformity in the financial statements and also in accounting are known as the Generally Accepted Accounting Principles (GAAP). The recommended accounting method by GAAP&hellip
Tagged By Accounting
Difference between GAAP Accounting and Tax Accounting
All accounting reports are not equal as illustrated by different methods of accounting applied in the United States. Business accounting shows financial transactions recording of a business’ financial transactions. For public companies, the required accounting&hellip
Difference between GAAP and OCBOA
Introduction Generally, financial statements are prepared using the GAAP system of accounting. The alternative is the cash basis and tax basis. However, there is a system known as Other Comprehensive Basis of Accounting (OCBOA) which&hellip
Difference between acquisition method and purchase method
1. Acquisition and purchase methods are two accounting methods used in accounting for mergers and acquisitions. These two accounting processes are almost identical in everything and share similar principle. The however display some identifiable points&hellip
What is KPMG?
What is KPMG? KPMG stands for Klynveld, Peat, Marwick, and Goerdeler representing the names of four people who joined their separate accounting firms together to form a global firm. Today, KPMG is one of the&hellip
Number of IFRSs
How many IFRSs are there? 65. The latest list of IFRSs (International Financial Reporting Standards), published by the International Accounting Standards Board in January 2010, is composed by 65 standards. IFRS consists not only of&hellip
Number of Accounting Standards Currently Published
How many accounting standards are currently published? 49. There are 49 international accounting standards published as of January 2009. This consists of 8 International Financial Reporting Standards published since April 2001 and 41 International Accounting&hellip
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