Is it possible to compare the accounting records of an Indian company with that of an International company? Do all the countries follow the same accounting practices?
Answers
Explanation:
The GAAP are a combination of procedures and standards utilized by a company when generating its financial ...
Missing: records | Must include: records
Answer:
Explanation:
Each accounting authority has its own laws, norms, values, etc. These are considered by the accounting experts and approved. GAAP is a compilation of commonly followed accounting regulations and economic reporting norms (usually accepted accounting principles).
GAAP's aim is to guarantee some fundamental level of consistency in all separate organizations ' accounting statements. It allows financial statements internal consumers to readily decipher and comprehend a company's accounts. GAAP will also allow intra-company and inter-company comparisons to help these consumers make investment choices.