documents how companies should treat changes in accounting principles and changes in accounting estimates, two related but different concepts. A principle determines how information should be ...
The author and editors take ultimate responsibility for the content. Generally accepted accounting principles, or GAAP, is a set of accounting standards followed by most U.S. businesses ...
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J.P. Nodier / Getty Images Generally accepted accounting principles (GAAP) require that all inventory reserves be stated and valued using either the cost or the market value method, whichever is ...
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