GAAP was established in 1933 with the Securities Act of 1933 and the Securities Exchange Act of 1934. GAAP accounting rules are governed by the FASB (Financial Accounting Standards Board), and the GAAP accounting rules are scrutinized on a constant basis, and different rules change periodically. What Are the Four Principles of GAAP?What do you mean by timeliness of accounting information?
The timeliness of accounting information refers to the provision of information to users quickly enough for them to take action. The timeliness concept is of particular importance in four areas of a business, which are noted below. Timeliness of Financial StatementsWhy is timeliness of accounting important in IAS 10?
Timeliness of accounting information is also emphasized in IAS 10 Events After the Reporting Period which requires entities to report all significant post balance sheet events that occur up to the date when the financial statements are authorized for issue.What does GAAP stand for in accounting terms?
According to Investopedia: “ Generally accepted accounting principles (GAAP) refer to a common set of accounting principles, standards, and procedures issued by the Financial Accounting Standards Board (FASB). Public companies in the United States must follow GAAP when their accountants compile their financial statements.