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Here we will discuss about the most frequently asked question “ What Does GAAP Stand For ” that is always asked in the Field of International Accounting Standards by newbie. What is GAAP GAAP stands for Generally Accepted Accounting Principles. All those Accounting Principles , rules and regulations that are universally accepted globally. These Principles include: Business Entity Concept, Going Concern Concept, Matching Concept and other Accounting Concepts. These standards are used while preparing the financial statements of Company Businesses to provide the fair presentation of financial Statements to users of financial statements according to International Accounting Standards - IAS - 1 . Users of Financial Statements include Customers, Employees, Banks, Financial Institutions, Creditors and others. So in the last, we can say that, “What Does GAAP Stand For” means that the Generally Accepted Accounting Principles which ...

Objective The IAS - 1 standard describes how to present the financial statements to ensure comparability among:       1.     Entity’s Financial Statements       2.      Financial Statements of Other Entities International Accounting Standards Committee (IASC) International Accounting Standards Committee is an independent body of the accounting profession. The purpose of this body is to oversee and guide the process of standard setting decision of IASB. In 1 st April, 2001, its authority was transferred to IASB. Note: Auditor or Chartered Accountant is the person who oversees theses Standards in details. International Accounting Standard Board (IASB) This board is responsible for the issuance of new accounting standards. The purpose of this board is to guide the standards in order to ensure fair presentation of financial statements to users of financial ...