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Podcast: The American Enterprise Manifesto: My America's Vision of Peace and Nonviolence for Humanism
Episode: What is GAAP? Generally Accepted Accounting Principles? What is GASB? Governmental Accepted Accounting Principles?
Description: Â What is GAAP? Generally Accepted Accounting Principles? Â Accepted by who? Â Are they laws or regulatory? What organizations are required to use then? Â Does that include governmental entities? To clarify following are the 10 GAAP principles. Â U.S. law and regulations require businesses (enterprises) releasing financial statements to the public and companies publicly traded on the stock exchanges and indices to follow GAAP rules. Â GAAP {incorporates the following 10 principles:
1) Principle of Regularity: GAAP compliant accountants strictly adhere to established rules and regulations.
2) Principle of Consistency: consistent standards are applied throughout the financial reporting process.
3) Principle of Sin...