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May 2015 » Was GAAP Ever ‘Generally Accepted’?
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Howard B. Levy, CPA
Some have asserted that the term “generally accepted accounting principles” (i.e., GAAP) has lost its “general” acceptability over time, and that it is now time to make accounting standards both relevant to users and relatively simple for professionals to understand and implement. This article briefly explores the evolution of the term GAAP, and whether it ever actually meant broad-based acceptability.
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