GAAP is a standard that records required to comply. A frequently used definition is taken from the legislative history of the Swedish Accounting: “an actual business practice of a qualitatively representative circuit records required.” What is the generally accepted accounting principles may vary between different industries and depending on their size. Management can be found in laws that Act and Bookkeeping […]
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Legislation
Rules for accounting
The basis of all accounting is that it should be in accordance with generally accepted accounting principles. This means that based on the laws that apply the accounting standards issued by the standard setting organizations that exist in the accounting field.
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FAR SRS
Auditor industry association FAR SRS, and earlier predecessor of Authorized Public Accountants (FAR), has a redovisningskommité who appeared with accounting standards. Since the Standards Council added the FAR and FAR SRS mainly constituted referral body for accounting issues and not published its own recommendations.
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US GAAP
U.S. GAAP or the U.S. General Accepted Accounting Principles is good accounting practice for companies in the U.S.. Reporting under U.S. GAAP is not allowed for a legal accounts in Sweden. Many Swedish companies produce, however, in addition to financial statements prepared in accordance with generally accepted accounting principles in Sweden alternative U.S. GAAP financial statements for reporting to U.S. holders or to publish […]
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IFRS
IFRS or International Financial Reporting Standards is an international framework which is then 2005 be applied by all Swedish companies listed on stock exchange. Regulatory framework is also used by other companies which are subsidiaries of listed companies in Sweden or abroad or by companies that want a quality of its accounting records that are comparable with listed […]
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