What does generally accepted accounting principles mean

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Reference no: EM132836867

What does Generally Accepted Accounting Principles (GAAP) mean? In the process of setting accounting standards, the Financial Accounting Standards Board (FASB), the Securities and Exchange Commission (SEC), and International Accounting Standard Board (IASB) are confronted with certain issues.

What are the issues confronting FASB, SEC, and IASB in the standards-setting process for GAAP? Do you think these issues can be resolved? If so, what measures would you propose to resolve the issues?

In addition, please identify at least two concepts that you found particularly confusing in this week's material. Why did you find this material confusing?

Reference no: EM132836867

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