United States Generally Accepted Accounting Principles
The United States Generally Accepted Accounting Principles "US GAAP"Generally Accepted Accounting Principles in the United States" are US accounting standards and generally accepted accounting practices.
For companies and private law organisations, the accounting standards recognised as US GAAP by the Financial Accounting Standards Board ("FASB") are of paramount importance as they have been endorsed by the Securities and Exchange Commission ("SEC"), the US securities and exchange regulatory authority, and the American Institute of Certified Public Accountants ("AICPA").
The SEC may, by virtue of its powers, prescribe accounting rules for companies and organisations operating in the US capital market.
The FASB's US GAAP were essentially developed to better inform current and potential capital providers and are shaped by this objective. They originally consisted of a series of case-by-case guidance issued by various boards. In 2009, the FASB selected and systematised the case-by-case guidance it considered relevant and summarised it 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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