Question

What is accounting principles? # pri-a11121.​

Answer 1

Explanation:

Generally Accepted Accounting Principles (GAAP or U.S. GAAP) is the accounting standard adopted by the U.S. Securities and Exchange Commission (SEC). While the SEC previously stated that it intends to move from U.S. GAAP to the International Financial Reporting Standards (IFRS), the latter differ considerably from GAAP and progress has been slow and uncertain.[1][2] More recently, the SEC has acknowledged that there is no longer a push to move more U.S companies to IFRS so the two sets of standards will "continue to coexist" for the foreseeable future.

The Financial Accounting Standards Board (FASB) published U.S. GAAP in Extensible Business Reporting Language (XBRL) beginning in 2008.

Answer 2

Accounting principles are the general rules and guidelines that companies are required to follow when reporting all accounts and financial data.

5 principles of accounting are:-

• Revenue Recognition Principle,
• Principle,Historical Cost Principle,
• Matching Principle,
• Full Disclosure Principle, and.
• Objectivity Principle.

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