Department of English & Foreign Languages. The Department of English shares a broad objective with other departments in the School of Humanities and Social Sciences: to teach the skills which will enable you to interpret, evaluate, and, in your own way, change your world.
In short, GAAP requires accrual accounting rather than cash accounting, because the accrual basis better fits the defined objectives of the Financial Accounting Standards Board (FASB). Accrual accounting requires companies to record transactions in the time period in which financial events occur.
FASB ASC, however, is not the official source of SEC guidance and does not contain the entire population of SEC rules, regulations, interpretive releases and staff guidance. FASB ASC also does not include governmental accounting standards. ASC is not intended to change GAAP or any requirements of the SEC.