10-28-2004, 04:22 PM
Dear Salman,
The US based companies dont follow the IASs issued by IASB, but they follow the US GAAP (US Generally Accepted Accounting Priciples) which are equivalent to IAS but these are more detailed. These GAAP are developed by FASB, AICPA and SEC (US). The US GAAP are developed without getting any input from outside the US.
I hope this will clear your confusion.
follow the link below
http//cpaclass.com/gaap/gaap-us-01a.htm
SMR
The US based companies dont follow the IASs issued by IASB, but they follow the US GAAP (US Generally Accepted Accounting Priciples) which are equivalent to IAS but these are more detailed. These GAAP are developed by FASB, AICPA and SEC (US). The US GAAP are developed without getting any input from outside the US.
I hope this will clear your confusion.
follow the link below
http//cpaclass.com/gaap/gaap-us-01a.htm
SMR
