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What are the established rules of accounting for financial reporting?

Public Comments

1. GAAP Generaly Accepted Accounting Principles
2. In the recent years the accounting function has witnessed a lot of changes in the manner in which the financial reporting should be made. In the USA, the Financial Accounting Standards Board issues the standards which contain details pronouncements about when to recognize, and measure the elements of financial statements and the information to be disclosed for the benefit of the users in making rational economic decisions. Then there is an International Accounting Standards Board - IASB -in the UK which provides similar services for the world at large. Recently there is a news that the USA is expected to adopt the IFRS issued by the IASB. UK has adopted IFRS partially since 2006.