US GAAP

INCOMPANY RAINING PROGRAMS FOR PROFESSIONALS

US GAAP


The term US GAAP (United States Generally Accepted Accounting Principles) is used to describe the system of financial reporting and accounting principles that applies in the United States of America. GAAP regulations include, among other things, definitions of concepts and principles as well as industry-specific rules. In the United States, the Securities and Exchange Commission (SEC) requires that financial reports comply with GAAP requirements.

The Financial Accounting Standards Board (FASB) establishes GAAP in general, while the Governmental Accounting Standards Board (GASB) establishes GAAP for state and local governments. Publicly listed companies must comply with both SEC and GAAP requirements.