Her expertise is in personal finance and investing, and real estate. Accounting principles, such as GAAP or IFRS, are standards set by regulatory bodies that public companies must adhere to for ...

GAAP is primarily used in the United States. Many other countries use the International Financial Reporting Standards (IFRS) as their accounting method. The goal of GAAP is to standardize ...

It is the U.S. equivalent of the International Financial Reporting Standards (IFRS). Though only regulated and publicly traded businesses are legally obligated to follow GAAP, some private ...

As a business owner, you understand that accounting has to be accurate, but you may not know why accounting standards – the rules with acronyms such as GAAP and IFRS – are such a big deal.

Think again. A failure to completely reconcile U.S. General Accepted Accounting Principles (GAAP) with the International Financial Reporting Standards (IFRS) has made standardization elusive.

If you aren't a publicly traded company, following GAAP standards may not be necessary. However, all businesses should be familiar with these five basic accounting principles: International Financial ...