Generally Accepted Accounting Practices (GAAP) is are a set of standards, conventions and rules that accountants utilize to compile financial statements, in order to offer a certain level of consistency across organizations. Auditors are required to ensure that their financial statements be prepar...

The Conceptual Framework Project seeks to revise the Conceptual Framework, setting the standards for financial reporting in the industry. The goals and objectives of the project are to answer a series of questions that will have a profound impact on financial reporting. These include the clarificat...