Question

The standards and rules that accountants follow while recording and reporting financial activities.

Answer 1

Generally accepted accounting principles are the standards and rules that accountants follow while recording and reporting financial activities.

What is Generally accepted accounting principles?

A unified collection of accounting regulations, guidelines, and practices published by the Financial Accounting Standards Board is known as generally accepted accounting principles (GAAP) (FASB).  When assembling their financial accounts, American public firms' accountants are required to adhere to GAAP.

Ten basic principles serve as the framework for GAAP, which is a set of regulations. The International Financial Reporting Standards (IFRS), which are seen as more of a principles-based norm, are frequently used as a comparison. There have recently been initiatives to move GAAP reporting to IFRS because it is a more global standard.

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