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GAAP or Generally Accepted Accounting Principles are a common set of accounting standards, procedures, and principles issued by the FASB or Financial Accounting Standards Board, and procedures. The GAAP specifications include the definitions of principles, concepts, and industry-specific rules. The basic objective of GAAP is ensuring that financial reporting is consistent and transparent in all organizations. 

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What is GAAP?

Generally Accepted Accounting Principles or GAAP are rules that include the complexities, details, and legalities of corporate and business accounting. FASB uses GAAP for the comprehensive set of accounting practices and methods. The GAAP includes basic accounting guidelines and principles.

GAAP helps to govern the accounting world as per the general rules and guidelines. It tries to regulate and standardize the assumptions, definitions, and methods used in accounting. GAAP includes topics such as balance sheet classification, revenue recognition, and materiality.

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The ultimate objective of GAAP is ensuring the financial statements of a company are consistent, complete, and comparable. It makes the investors easy to extract and analyze helpful information from the financial statements such as trend data over a time period. It helps to compare financial information in different companies.

What are the Principles of GAAP?

The principles of GAAP are discussed in our GAAP homework help services as follows:

Principle of Regularity: The accountant has complied with the GAAP rules and regulations as a standard.

Principle of Sincerity: The accountant provides an impartial and accurate depiction of the financial position of a company.

Principle of Consistency: Accountants commit to applying the same standards in the whole reporting process for each period to ensure the financial comparison between the periods. The accountants have to completely disclose and also explain the reasons for any updated or changed standards in the footnote of the financial statements.

Principle of Non-compensation: Negative and positive must be reported with complete transparency and without expecting debt compensation.

Principle of Permanence of Methods: The methods used in the financial reporting must be consistent and it should allow comparison of the financial position of a company.

Principle of Prudence: It emphasizes on the fact-based representation of financial data not made by speculation.

Principle of Continuity: At the time of asset valuation, it must be assumed that the business shall continue its operation.

Principle of Materiality: Accounts should provide complete disclosure of all accounting information and financial data in financial statements.

Principle of Periodicity: The entries should be distributed at an appropriate time period. The revenue must be reported in the relevant accounting period.

Principle of Utmost Good Faith: It is derived from “uberrimae fidei”, a Latin phrase and it is used in the insurance industry. It presupposes that all parties stay honest in the transactions.

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IFRS versus GAAP

The alternative to GAAP is the IFRS or the International Reporting Standards set up by the IASB. There are some differences between these accounting rules that are included in our GAAp case study help online as follows:

  • GAAP allows the companies to use LIFO or Last in First Out as the inventory cost method but it is not allowed under IFRS.
  • GAAP states that the amount written down of the fixed asset or inventory cannot be reversed when the asset’s market value increases. This written down value may be reversed in IFRS.
  • The Research and Development Costs should be charged to the expenses under GAAP. In IFRS, the costs may be amortized and capitalized over many periods when some conditions are satisfied.

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We make the life of students easy by providing them with online all writing services. We cover all subjects and provide them the best GAAP assignment writing help. We provide a proper explanation of the students’ problems and help them to secure top academic grades. Our academic experts are proficient and skilled and they are well-versed with the assignments. They follow the university guidelines and specifications.

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