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.

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