financial reporting standard

financial reporting standard
Rules and guidance on accounting practice and *disclosure in *financial statements. Along with legislation and custom, financial reporting standards (sometimes referred to as *accounting standards) are the foundation of *Generally Accepted Accounting Principles (GAAP). In the United States, the *Financial Accounting Standards Board issues * Statements of Financial Accounting Standards, which form the basis of U.S. GAAP. Moves toward the *harmonization of international GAAP are based on the * International Financial Reporting Standards of the *International Accounting Standards Board.

Auditor's dictionary. 2014.

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