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The Financial Accounting Standards Board (FASB) is responsible for the Generally Accepted Accounting Principles (GAAP). Select...

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Accounting

The Financial Accounting Standards Board (FASB) is responsiblefor the Generally Accepted Accounting Principles (GAAP). Select aConcept or Principle and explain how it impacts business.

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US law requires businesses that release financial statements to the public and companies that are publicly traded on stock exchanges and indices to follow GAAP guidelines which incorporate 10 key concepts Principle of regularity GAAPcompliant accountants strictly adhere to established rules and regulations Principle of consistency Consistent standards are applied throughout the financial reporting process Principle of sincerity GAAPcompliant accountants are committed to accuracy and impartiality Principle of permanence of methods Consistent procedures are used in the preparation of all    See Answer
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