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Bridge over ocean
1 September 2002 Financial Analysts Journal Volume 58, Issue 5

Is There a Gap in Your Knowledge of GAAP?

  1. Stephen R. Moehrle
  2. Jennifer A. Reynolds-Moehrle
  3. Wilbur L. Tomlinson

As recent accounting scandals have demonstrated, an understanding of the accounting rules underlying financial information is important before analysts or users of financial statements can rely on that information. Accounting guidance comes from numerous sources. We summarize the sources of generally accepted accounting principles, explain the hierarchy of these sources of guidance, and indicate where analysts and users of financial statements can find the electronic and printed texts of the rules.

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