Rules that must be followed by publicly owned companies that are developed by the financial accounting standard board, are called Generally Accepted accounting Period
The Financial Accounting Standards Board issues a set of accounting standards, rules, and procedures known as generally accepted accounting principles. When their accounting professionals create their financial statements for public companies in the United States, they must adhere to GAAP.
GAAP is a rules-based set of standards that is guided by ten key tenets. It is frequently contrasted with the International Financial Reporting Standards (IFRS), which is regarded as a more principle-based standard. IFRS is an increasingly international standard, and recent efforts have been made to transition GAAP reporting to IFRS.
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