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General Accounting Discussions: limitation of GAAP

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    • CommentAuthorbecky
    • CommentTimeApr 25th 2007
     
    WHAT IS THE LIMITATION OF GAAP

    THXXXXXXXXXXXX
    • CommentAuthorAbusamak
    • CommentTimeMay 4th 2007
     
    firstly GAAP means: genarly acceptaple accounting principle.
    the limitation of GAAP:is the role that control on the accounting principles and assumptions to verify intirnational standered of accounting.

    good luck
    • CommentAuthorabril
    • CommentTimeMay 7th 2007
     
    since GAAP is conventional - that is, they become generally accepted by agreement often tacit agreement rather than by formal derivation from the sets of postulates and basic concepts, it (GAAP) is not an absolute rule. meaning if another more applicable rule will exists, GAAP should/will be amended. it happens all the time. GAAP is revised over and over depending on the practically it serves.
    • CommentAuthoredlbutler
    • CommentTimeMay 18th 2007
     
    Excellent answer Abril!

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