Basic Accounting Principles and Procedures

Question 1

What is GAAP? Who are they published by?

Answer 1

The Generally Accepted Accounting Principles (GAAP). Establish accounting standards on how company accounts should be prepaired. Published by the Financial Reporting Council (FRC).

Question 2

What is the IFRS? And who maintain these?

Answer 2

International Financial Reporting Standards - standards under which financial statements must be pre-paired. Maintained by the International Accounting Standards Board (IASB).