Big Gaap Vs. Little Gaap
Submitted by mmixon1 on November 14, 2010
- Category: Business
- Words: 1547
- Pages: 7
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Big Gaap Vs. Little Gaap
BIG GAAP vs. LITTLE GAAP
Accounting based on company size
For more than 30 years, there has been an ongoing debate on whether small and private entities should have their own separate GAAP as opposed to the FASB GAAP. Many CPAs, although required to advise all clients to be in compliance with GAAP, have opposed the implementation of GAAP due to it being extremely costly to their clients. Although it may be costly to stay in compliance with GAAP, many have argued for only one set of accounting standards, pleading that multiple accounting standards could only lead to confusion and lack of credibility for issuers of financial statements prepared under...
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