United States Generally Accepted Accounting Principles
United States Generally Accepted Accounting Principles "US GAAP" is United States GAAP and generally accepted accounting practice.
For corporations and private companies, the accounting standards recognized by the Financial Accounting Standards Board ("FASB") as US GAAP are of paramount importance, as they are regulated by the Securities and Exchange Commission ("SEC"), the US Securities and Exchange Commission Stock Exchange, and the American Institute of Certified Public Accountants ("AICPA").
The SEC may use its powers to prescribe the accounting rules for US corporations and organizations.
The US GAAP of the FASB has been developed essentially to better inform current and potential investors and is characterized by this objective. They originally consisted of a series of individual case regulations issued by various bodies. In 2009, the FASB selected and systematised the individual case rules that it considered relevant and summarized them in the Accounting Standards Codification ("FASB ASC").
This is now the sole source of FASB-authorized US GAAP, in addition to the SEC's pronouncements.
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