What does generally accepted accounting principles mean

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Question: What does Generally Accepted Accounting Principles (GAAP) mean? In the process of setting accounting standards, the Financial Accounting Standards Board (FASB), the Securities and Exchange Commission (SEC), and International Accounting Standard Board (IASB) are confronted with certain issues. What are the issues confronting FASB, SEC, and IASB in the standards-setting process for GAAP? Do you think these issues can be resolved? If so, what measures would you propose to resolve the issues?

Reference no: EM133298736

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