Name the U.S. and international standard-setting bodies that established these principles. Are all companies required to follow these principles? Why or why not?

Week 1 – Discussion 1

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Your initial discussion thread is due on Day 3 (Thursday) and you have until Day 7 (Monday) to respond to your classmates. Your grade will reflect both the quality of your initial post and the depth of your responses. Refer to the Discussion Forum Grading Rubric under the Settings icon above for guidance on how your discussion will be evaluated.

Generally Accepted Accounting Principles (G.A.A.P)

Briefly discuss Generally Accepted Accounting Principles or G.A.A.P. What are they? What is their purpose? Name the U.S. and international standard-setting bodies that established these principles. Are all companies required to follow these principles? Why or why not?

Your answer should illustrate understanding of generally accepted accounting principles and their international counterpart. Respond to at least two of your classmates’ posts.

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