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Week One General Discussion Question

Week One General Discussion Question

Q Reply to the following instructor's general discussion question(s) according to the discussion board guidelines. Chapter 1 is about accounting standards, GAAP and IFRS. The U.S. uses GAAP, while almost everyone else uses IFRS. They have been talking about a convergence of the two sets of standards for many years. It's a slow process. The chapter also talks about the three major parties involved in setting GAAP standards and how GAAP is now codified (one place for all GAAP authority in one place). I can remember the old days when it was not. Also, lobbyists (excuse me, "industry user groups") certainly influence GAAP standards. Speak to any of these issues or other takeaways from Chapter 1.

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There is currently no globally standardized method of recording and publicizing financial transactions because GAAP, as it is formally known in the United States, varies from country to country. The generally accepted accounting principles are a set of rules and regulations that businesses must follow while creating their financial statements. GAAP is the combination of authoritative standards (as decided by policy boards) and the most common and generally recognized practices for composing and disseminating financial statements.