House of GAAP
The House of GAAP (German: House of Generally Recognized Accounting Principles) is a concept of US-American accounting for determining the order of precedence of the various US-GAAP . It has lost its relevance due to the introduction of the Accounting Standard Codification of the Financial Accounting Standards Board (FASB). US-GAAP are US accounting standards and generally accepted accounting practices. These were not regulated by a uniform set of rules, but have been made more specific since 1930 through numerous authorized standards, interpretations and statements from various bodies.
The House of GAAP established a ranking of the respective pronouncements and common practices by classifying the standards, interpretations, statements and other forms of US GAAP into levels. The House of GAAP is divided into an obligation level, a recommendation level, a practice level and a theory level. The name House of GAAP draws a parallel between the levels and floors of a house.
The FASB has been recognized by the Securities and Exchange Commission (SEC) and the American Institute of Certified Public Accountants (AICPA) to establish US GAAP since 1973 . In 2009, the standards, interpretations and statements that the FASB considered relevant were systematized and summarized in the Accounting Standard Codification. The FASB now only differentiates between GAAP authorized by it and GAAP not authorized by it. This makes the purpose of the House of GAAP superfluous.
Web links
Individual evidence
- ↑ Recognition of the FASB by the SEC (English)
- ^ Rule 203, Rules of Professional Conduct, as amended May 1973 and May 1979
- ↑ Information from the FASB on Accounting Standards Codification (English)
- ↑ Cf. Zülch, Pronobis in der Betrieb 2010 ( page no longer available , search in web archives ) Info: The link was automatically marked as defective. Please check the link according to the instructions and then remove this notice.
