Wize University Introduction to Financial Accounting Textbook > Introduction to Financial Accounting
Generally Accepted Accounting Principles (GAAP)
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Generally Accepted Accounting Principles (GAAP)
In order for financial information to be useful to investors and creditors, it must be comparable to other businesses or to other periods of time. A standardized system to record and report this information is therefore necessary to ensure consistency.
- Issued by the Financial Accounting Standards Board (FASB)
- Set of common rules and guidelines for preparing financial statements
- Established in order to create a common accounting language.
- Makes financial statements consistent and comparable from company to company.