We all come from accounting department. as all of us know, accounting is needed by all people.
Moreover, those who runs business have more complicated accounting activities which need to be processed accurately and including other parties. in order to make the accounting activities run well and show a good result, there must be a set of "rules" that has been standardized.
An example of Generally Accepted Accounting Principles that accepted in Indonesia is about the abandoned of using LIFO method in counting of goods available for sale.
What we want to achieve related to GAAP is about being someone that has a good authority, as well as the authority of GAAP.
Our Reason of choosing "GAAP" as Group Name
Generally Accepted Accounting Principles Definitions
Here are some definition of
Generally Accepted Accounting Principles (GAAP)
Investopedia.com:
The common set of accounting principles, standards and procedures that companies use to compile their financial statements. GAAP are a combination of authoritative standards (set by policy boards) and simply the commonly accepted ways of recording and reporting accounting information.
About.com:
The Generally Accepted Accounting Principles, or GAAP for short, are a set of accounting rules used to standardize the reporting of financial statements in the United States. Understanding GAAP can help you make better investing decisions.
The Generally Accepted Accounting Principles, or GAAP for short, are a set of accounting rules used to standardize the reporting of financial statements in the United States. Understanding GAAP can help you make better investing decisions.
Thefreedictionary.com:
A collection of rules and procedures and conventions that define accepted accounting practice; includes broad guidelines as well as detailed procedures.
A collection of rules and procedures and conventions that define accepted accounting practice; includes broad guidelines as well as detailed procedures.
BusinessDictionary.com:
Authoritative rules, practices, and conventions meant toprovide both broad guidelines and detailed procedures for preparing financial statements and handling specific accounting situations.
Generally accepted accounting principles (GAAP) provide objective standards for judging and comparing financialdata and its presentation, and limit the directors' freedomin showing an unrealistic picture through creative accounting. An auditor must certify that the provisions of GAAP have been followed in reporting an organization'sfinancial data in order it to be accepted by investors, lenders, and tax authorities. Most developed countries (Canada, India, Japan, UK, US, etc.) have their own GAAP which may differ from those of others in minor or major details. See also accounting.
Authoritative rules, practices, and conventions meant toprovide both broad guidelines and detailed procedures for preparing financial statements and handling specific accounting situations.
Generally accepted accounting principles (GAAP) provide objective standards for judging and comparing financialdata and its presentation, and limit the directors' freedomin showing an unrealistic picture through creative accounting. An auditor must certify that the provisions of GAAP have been followed in reporting an organization'sfinancial data in order it to be accepted by investors, lenders, and tax authorities. Most developed countries (Canada, India, Japan, UK, US, etc.) have their own GAAP which may differ from those of others in minor or major details. See also accounting.
DictionaryFinance.com:
Generally Accepted Accounting Principals (GAAP) A technical accounting term that encompasses the conventions, rules, and procedures necessary to define accepted accounting practice at a particular time.
Group Profile
Name: PM Nimas Ayu S
Nick Name: Priska
Std. ID: 1015 18156
E-mail: pmnimasayu@gmail.com
"Stay Hungry, Stay Foolish" - Steve Jobs
Name: Avia Adisty
Nick Name: Adisty
Std. ID: 1015 18275
E-mail: avia.kok@gmail.com
"You never know how strong you are until being strong is the only choice you have"
Name: Suryanita Linda Christina Hutapea
Nick Name: Nita
Std. ID: 1015 18334
E-mail: hutapea.nita@yahoo.com
"God helps them that help themselves"
Name: Agnes Theodora Tejo
Nick Name: Agnes
Std. ID: 1015 18490
E-mail: greengarden_agnez@yahoo.com
"Success is the ability to deal with failure without losing enthusiasm"
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