Skip to main content
뒤로

GAAP vs. IFRS: Fraud, Internal Controls, and Cash definitions

컨트롤 버튼이 '내비게이션' 모드로 변경되었습니다.
1/14

이 집합의 용어 (14)

  • GAAP
    A set of accounting standards established by a US board, guiding financial reporting for American companies.
  • IFRS
    A global framework for financial reporting, developed by an international board, used outside the United States.
  • Financial Accounting Standards Board
    The US organization responsible for creating and updating the primary accounting rules followed domestically.
  • International Accounting Standards Board
    The international body that develops and issues accounting standards used in many countries worldwide.
  • Internal Controls
    Procedures and policies within organizations designed to safeguard assets and prevent fraudulent activities.
  • Fraud
    Intentional deception or misrepresentation in financial activities, often leading to financial loss or misstatement.
  • Bank Reconciliation
    A process comparing company records with bank statements to ensure accuracy and detect discrepancies.
  • Cash
    Funds available for immediate use, typically including currency, coins, and balances in checking accounts.
  • Cash Equivalents
    Highly liquid investments with maturities of less than 90 days, considered nearly as accessible as cash.
  • Sarbanes-Oxley Act
    A US law enacted to strengthen internal controls and financial reporting after major corporate scandals.
  • Financial Reporting
    The process of disclosing financial data to stakeholders, ensuring transparency and accountability.
  • US Stock Exchange
    A marketplace where shares of publicly traded US companies are bought and sold, subject to specific regulations.
  • Accounting Scandal
    A major event involving fraudulent or unethical financial reporting, often leading to regulatory changes.
  • Public Company
    A business entity whose shares are traded on a stock exchange and must adhere to strict reporting standards.