U.S. GAAP, Generally Accepted Accounting Principles

Generally Accepted Accounting Principles
in the United States

U.S. GAAP-Codification

IFRS International Standards

Accounting Standards, ASC

Recognition and Measurement
in Financial Statements of Business Enterprises
(SFAC No. 5)

U.S. GAAP Codification, IFRS, IAS by Topic, Accounting Terms

Principles of Accounting, Intermediate Accounting, Advanced Accounting

Accounting Standards ASC, Accounting by Topic, Accounting Textbooks

Securities Law Library, U.S. Tax Code by Section

SFAC No. 5

Statement of Financial Accounting Concepts (SFAC) No. 5
        a. Recognition and Measurement in Financial Statements of Business Enterprises
        b. Issued in December 1984

SFAC No. 5 includes the concepts of

Financial Statements

Full Set of Financial Statements

Purposes of Financial Statements

Recognition

Recognition Criteria

Relevance

Reliability

Recognition of Revenues

Recognition of Expenses

Recognition of Gains

Recognition of Losses

Recognition of Changes in Assets

Recognition of Changes in Liabilities

Other Statements of Financial Accounting Concepts (SFAC)

SFAC No.	Title	Issue Date
1	Objectives of Financial Reporting by Business Enterprises	November 1978
2	Qualitative Characteristics of Accounting Information	May 1980
3	Superseded by SFAC No. 6
4	Objectives of Financial Reporting by Nonbusiness Organizations	December 1980
5	Recognition and Measurement in Financial Statements of Business Enterprises	December 1984
6	Elements of Financial Statements	December 1985
7	Using Cash Flow Information and Present Value in Accounting Measurements	February 2000

U.S. GAAP Codification

International Financial Reporting Standards (IFRS)

Accounting Topics

Inventory Valuation Methods

Depreciation Methods

Revenue Recognition Principle

Accrual Basis vs. Cash Basis Accounting

Basics of Journal Entries

Ratios for Financial Statement Analysis

Overview of Financial Statements