finance

The conceptual framework shows the basic objectives of financial reporting. It also describes the financial reporting elements and concepts. The conceptual framework of generally accepted accounting principles is set by the Financial Accounting Standards Board (FASB). This is Intermediate Accounting Chapter 2. For more Intermediate Accounting topics, see Intermediate Accounting Study Guide. Accounting Conceptual Framework The […]

Generally accepted accounting principles (GAAP) are the accounting standards in the U.S. IFRS are the international accounting standards. IFRS are the International Financial Reporting Standards. Chapter 1: Financial Accounting and Accounting Standards This is Intermediate Accounting Chapter 1. For more Intermediate Accounting topics, see Intermediate Accounting Study Guide. Financial Reporting Environment Accounting is the identification,