Big Gaap Little Gaap
Submitted by EGLFatale on March 28, 2011
- Category: Business
- Words: 546
- Pages: 3
- Views: 231
- Popularity Rank: 2687
Big Gaap Little Gaap
For more than 30 years, private companies have complained about certain accounting pronouncements in the generally accepted accounting principles that appeal more towards larger corporations than smaller, nonpublic firms. These smaller companies have expressed a need for different accounting standards as a replacement for the burdensome principles established by the Financial Accounting Standards Board (FASB). In 2004, FASB established the Small Business Advisory Committee, which advised FASB on the issues that are important to small companies. In 2006, FASB and the American Institute of Certified Public Accountants (AICPA) issued a joint proposal to evaluate the creation of two...
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