The GAAP codification is the primary source of all accounting standards contained within Generally Accepted Accounting Principles (GAAP).| AccountingTools
An accounting transaction is a business event having a monetary impact on the financials of a business. It is recorded in the accounting records of a firm.| AccountingTools
Revenue recognition is the conditions under which an organization can recognize a sale transaction as revenue. This is a five-step process.| AccountingTools
An other comprehensive basis of accounting (OCBOA) is a non-GAAP accounting framework that is used to generate financial statements.| AccountingTools
The GAAP hierarchy defines the level of authority of different accounting pronouncements. When researching an issue, start at the top of the hierarchy.| AccountingTools
FASB pronouncements are the various issuances of the Financial Accounting Standards Board, including statements, interpretations, bulletins, and positions.| AccountingTools
A FASB Interpretation is an official issuance of the Financial Accounting Standards Board, providing information about a previously-issued standard.| AccountingTools
An accounting interpretation is a document that is intended to clarify the uses to which an accounting standard can be put.| AccountingTools