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The Essentials of Finance and Accounting for Nonfinancial Managers, 3rd Edition by Edward Fields

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CHAPTER FOUR

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Generally Accepted Accounting Principles: A Review and Update

The role of the Financial Accounting Standards Board (FASB) was briefly described in the introduction. This is a research organization, made up primarily of accountants. The FASB, along with the entire accounting profession, has, over time, developed a series of rules called generally accepted accounting principles (GAAP). In addition, the FASB publishes what are called FASB Bulletins. These are a series of more than one hundred publications that describe what corporate reporting methodologies should be. Most of these methodologies have been adopted and are now incorporated ...

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