A set of legal standards or recommendations from private entities that regulate the presentation of financial statements and the calculation of their magnitudes. In Spain, in addition to the General Accounting Plan, there are the Accounting Principles of the AECA. Worldwide, the most important ones are the IASC (International Accounting Standards Committee), the American FASB (Financial Accounting Standards Board), and the guidelines of the European Union.
« Back to Glossary IndexGAAP (Generally Accepted Accounting Principles)
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