Most individuals who understand the basics of financial reporting are familiar with the phrase generally accepted accounting principles (GAAP) and will readily identify the Financial Accounting Standards Board (FASB) as the standard-setting body in the...

Generally Accepted Accounting Principles (GAAP) is the standard framework of guidelines for financial accounting, mainly used in the U.S.A.. It includes the standards, conventions, and rules accountants follow in recording and summarizing transactions,...

The American Institute of Certified Public Accountants' (AICPA's) update of the hierarchy of "generally accepted accounting principles" (GAAP) became effective March 15. AICPA's Statement on Auditing Standards No. 69 describes the necessity for audited financial statements to conform to GAAP and describes the...

Overview The Accounting Standards Board proposes, subject to comments received following exposure, to issue a new Handbook Section, GENERALLY ACCEPTED ACCOUNTING PRINCIPLES, to replace FINANCIAL STATEMENT CONCEPTS paragraphs 1000.59.61, and to amend GENERAL STANDARDS OF FINANCIAL STATEMENT PRESENTATION, Section 1500. The Exposure...

Big Four accounting firm Ernst & Young LLP appears to have signed off on some public-company audits without having sufficient evidence to support its opinion, according to a 2006 inspection report issued Wednesday by the Public Company Accounting Oversight Board.Ernst & Young defended its work...

Electronic Arts Inc., benefiting from brisk holiday sales of video games used on Sony Corp.'s new Playstation 3, exceeded Wall Street's earnings expectations Thursday despite fiscal third-quarter sales that dropped 38 percent.Net income for the three months ended Dec. 31 was $160 million, or 50...