Generally accepted accounting practices

by Richard C. Wilson on November 10, 2011

Below please find a definition of “Generally accepted accounting practices”

Financial Analysis Training & Glossary TermsDefined Term – Generally accepted accounting practices: The Financial Accounting Standards Board has laid down a set of rules, conventions and standards that is widely accepted by the financial institutions and these set of rules are termed as generally accepted accounting practices. The financial institutions abide by these conventions for reporting financial information.

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