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| Accounting |
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- What is GAAP?
- What are approved accounting standards?
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| What is GAAP? |
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GAAP (Generally Accepted Accounting Principles) refers to accounting practices which are permissible by the accounting profession or which are legitimate in the circumstances under which it has been applied. GAAP encompasses the conventions, rules and procedures necessary to define accepted accounting practices at a particular time.
- Article on GAAP- Akauntan Nasional Volume 15, issue November 2002.
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| What are approved accounting standards? |
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Approved accounting standards are defined in the Financial Reporting Act 1997 as "accounting standards" which are issued or adopted by the Malaysian Accounting Standards Board.
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Pursuant to section 27 of the Act, the standards issued or adopted by MASB, are legally binding upon financial statements required to be prepared or lodged under any law administered by the Securities Commission, Bank Negara Malaysia and Suruhanjaya Syarikat Malaysia.
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