GAAP / International Financial Reporting Standards

Generally Accepted Accounting Principles (GAAP) is an international recognized and accepted concept of standard framework and rules to ensure uniform financial reporting across the globe. GAAP is the general term which covers all the standards, principles,...

Financial Reporting Standards

Financial reporting standards are periodically issued by International Financial Reporting Standard Board. These standards are meant to ensure uniformity in financial reporting to protect the interests of the investors worldwide. Earlier called International...

Fair Value Accounting

Assets are shown in the balance sheet at the historical cost i.e. cost at which they were acquired. But it is not the case always that the assets presenting the values in the balance sheet are actually worth for that. There may be the case that actual value based on...