by Ekrem Duman | Jun 19, 2026 | Accounting, US GAAP Foundations
⚡ TL;DRPublic companies in the U.S. file financial statements with the SEC under US GAAP, principally through the annual Form 10-K and quarterly Form 10-Q. SEC reporting layers additional requirements on top of US GAAP — management discussion and analysis, internal...
by Ekrem Duman | Jun 19, 2026 | Accounting, US GAAP Foundations
⚡ TL;DRUS GAAP is described as rules-based because it provides detailed, specific guidance, bright-line thresholds, and extensive industry rules, rather than relying primarily on broad principles and judgment. This approach delivers comparability and predictability...
by Ekrem Duman | Jun 19, 2026 | Accounting, US GAAP Foundations
⚡ TL;DRUS GAAP and IFRS are the world’s two dominant accounting frameworks. US GAAP is rules-based and used in the United States; IFRS is principles-based and used in 140+ countries. They diverge on inventory (LIFO), impairment reversals, lease presentation,...
by Ekrem Duman | Jun 19, 2026 | Accounting, US GAAP Foundations
⚡ TL;DRThe FASB (Financial Accounting Standards Board) is the independent body that sets US GAAP, issuing changes through Accounting Standards Updates. Its output is organised in the Accounting Standards Codification (ASC), the single authoritative source of U.S....
by Ekrem Duman | Jun 19, 2026 | Accounting, US GAAP Foundations
⚡ TL;DRUS GAAP (Generally Accepted Accounting Principles) is the accounting framework required for financial reporting in the United States. It is set by the FASB, codified in the Accounting Standards Codification (ASC), and enforced for public companies by the SEC....
