US GAAP are the
Generally Accepted Accounting Principles used by companies based in
the USA or listed at Wall Street. US GAAP comprises a massive volume
of standards, interpretations, opinions and bulletins and are developed by
the FASB (Financial Accounting
Standards Board), the accounting profession (AICPA) and the SEC (Securities
and Exchange Commission).
US GAAP is a
combination of authoritative standards (set by policy boards) and the
accepted ways of doing accounting.
US GAAP standards are certainly equivalent to IAS. However, they are
developed without any input from outside the US. US GAAP is very detailed,
reflecting the litigious environment in the US which calls for more and more
detailed regulation. US GAAP cannot be detached from the regulatory
intervention by the SEC.
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