How many us gaap are there

Financial Accounting Standards Board. GAAP ," Page 7. Accessed Sept. Veritas Research. Financial Analysis. Investing Essentials. Your Privacy Rights. To change or withdraw your consent choices for Investopedia. At any time, you can update your settings through the "EU Privacy" link at the bottom of any page. These choices will be signaled globally to our partners and will not affect browsing data.

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Understanding GAAP. GAAP vs. Special Considerations. There are 10 key concepts that guide the principles of GAAP. Article Sources. Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy.

Compare Accounts. The offers that appear in this table are from partnerships from which Investopedia receives compensation. This compensation may impact how and where listings appear. This Topic provides guidance on reporting cash flows in general purpose financial statements and provides information about where to find guidance related to industry-specific issues.

This Topic provides guidance on the accounting for and reporting of accounting changes and error corrections. ASC Changing Prices. The reporting addresses both general inflation and price changes of certain assets. ASC Earnings per Share. ASC Interim Reporting. This Topic addresses the reporting guidance applicable to limited liability entities organized in the U. ASC Risks and Uncertainties. ASC Segment Reporting. ASC Receivables. This Topic provides general guidance for receivables and notes that receivables arise from credit sales, loans, or other transactions.

ASC Investments — Other. This Topic provides guidance on how an entity should measure credit losses on financial instruments and comprises three Subtopics Overall, Measured at Amortized Cost, and Available-for-Sale Debt Securities. ASC Inventory. This Topic provides guidance on the accounting and reporting of inventory in the financial statements. ASC Liabilities. This Topic "addresses financial accounting and reporting for costs associated with exit or disposal activities. An exit activity includes but is not limited to a restructuring.

ASC Deferred Revenue. This Topic simply provides a link to the guidance in the Codification on deferred revenue related to vendor sales incentives, which is in ASC ASC Commitments. ASC Contingencies. This Topic outlines the accounting and disclosure requirements for loss and gain contingencies. ASC Guarantees. ASC Debt. ASC Equity. This Topic provides guidance on several specific elements of transactions, accounts, and financial instruments that are classified as components of equity as well as overall general guidance related to equity.

The definition of discontinued operation is slightly different under IFRS guidelines. A company's asset or component is discontinued if the following are true:. There is also no condition precluding continuing involvement with IFRS treatment. Acquired intangible assets under GAAP are recognized at fair value. The move to a single method of inventory costing could lead to enhanced comparability between countries and remove the need for analysts to adjust LIFO inventories in their comparative analysis.

Under GAAP, once inventory has been written down, any reversal is prohibited. Discontinued operations are company assets or components of a business that the organization has already discontinued or plans to discontinue.

For example, if the organization decides to discontinue or has already discontinued a major geographic area, plans to discontinue a major line of business, or discontinue a major equity method investment. In these cases, the company is required to report on its income statement the results of operations of the asset or component for current and prior periods in a separate discontinued operations section. Accessed Oct. Securities and Exchange Commission.

IFRS Foundation. Deloitte IAS Plus. Business Essentials. Financial Analysis. Actively scan device characteristics for identification. Use precise geolocation data. Select personalised content. Create a personalised content profile. Measure ad performance.