Set of legal norms 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 International Accounting Standards Committee (IASC), the North American Financial Accounting Standards Board (FASB), and the guidelines of the European Union stand out.
« Back to Glossary IndexGenerally Accepted Accounting Principles (GAAP)
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