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...

Statement of Financial Accounting Standards No. 158 is entitled Employers' Accounting for Defined Benefit Pension and Other Postretirement Plans and was an amendment of FASB Statements No. 87, 88, 106, and 132(R), in September of 2006. SFAS No. 158 was written as a result of the "initial phas...