September 21, 2019

In Case You Are Unclear, The P in GAAP Stands For Principles

“U.S. GAAP is founded upon principles, that’s what the P is supposed to stand for.”

– SEC Chief Accountant James Kroeker arguing at a Pace University IFRS discussion that GAAP is just as principles-based as IFRS.

“U.S. GAAP is founded upon principles, that’s what the P is supposed to stand for.” – SEC Chief Accountant James Kroeker arguing at a Pace University IFRS discussion that GAAP is just as principles-based as IFRS.

Have something to add to this story? Give us a shout by email, Twitter, or text/call the tipline at 202-505-8885. As always, all tips are anonymous.

Related articles