Page 76 - F1 Integrated Workbook STUDENT 2018

Chapter 4

Elements of regulation

Elements of regulation are:

 local law

 local accounting standards

 international accounting standards

 conceptual frameworks

 requirements of international bodies.

2.1 GAAP

GAAP (Generally Accepted Accounting Practices) encompasses the conventions, the
rules and procedures necessary to define accepted accounting practice at a
particular time. This will vary from country to country i.e. US GAAP, UK GAAP, etc.

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