The national governments of the different nations of the world had mandated various standards regulations or principles that the business enterprises operational in their nation are required to adhere to. These regulations or principles are important since they ensure that the business operations of the enterprises are as per the industry standards and also the regulations mandated by the national government of their operation.
GAAP is the acronym for Generally Accepted Accounting Principles and is also called by the name of U.S. GAAP. As a matter of fact, this is an accounting standard which was devised or formulated by the U.S. Securities and Exchange Commission (SEC). More importantly, the different business enterprises operational in the nation of USA are required to follow these accounting standards for the conduct of their operations in the concerned nation.
The primary purpose behind the formulation of this accounting standard was to ensure the fact that all the business enterprises of the nation of USA follow the same accounting standards. As a matter of fact, over the years it had been seen that the diverse enterprises of the concerned nation had resorted to the usage of different varieties of accounting standards or processes This in turn made it very difficult for the national government to keep the official financial track of the different enterprises and many of the enterprises took advantage of this to evade taxes as well.
The major stipulations of the U.S. GAAP were published or for that matter released by the national government of USA in Extensible Business Reporting Language (XBRL) in the year 2008. Some of the most important financial guidelines of GAAP as stipulated by the national government of USA are listed below-
In addition to these precepts, it had been seen that the GAAP also proposed four major principles that the business enterprises are required to follow. These four important principles are listed below-
The benefits offered by GAAP notwithstanding there are four major constraints of the same which are listed below-
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