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GAAP

Welcome to the GAAP/Standard Accounting Practices area of Suite101! Accounting is an integral part of business in today's world. Whether the type of accounting you are interested in is financial or managerial, you can find information about it here.

Our accounting topics cover many different subjects including U.S. generally accepted accounting principles (GAAP), basic accounting topics, small business accounting and taxes, and accounting designations.

Check out the listing of all the articles below. Keep an eye out as there will be many new subject areas and articles added weekly.

Browse through all of our articles or subscribe to our article feed.

Latest articles in GAAP

 How Asset Costs are Determined

A business has the option of buying assets from a third party supplier or it can develop the assets itself internally within the business.

Feb 11, 2011 – Munya Mtetwa

Accounting Treatment of Investment Properties

Fixed assets that qualify classification as investment properties fall within the scope of International Accounting Standard (IAS) 40.

Feb 9, 2011 – Munya Mtetwa

The Basic Accounting Assumptions

The basic accounting assumptions are generally accepted guidelines that help accountants in preparing a complete set of financial statements.

Feb 5, 2011 – John Louie Ramos

Discontinued Business Operations

When a firm disposes part of its business the results of the discontinued business should be disclosed or shown separately in the profit and loss account.

Feb 2, 2011 – Munya Mtetwa

Impairment Charges on Fixed Assets

An impairment charge represents an expense on the profit and loss account for permanent fall or diminution in the value of the fixed assets of the business.

Feb 2, 2011 – Munya Mtetwa

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