The length of validity for U.S. passports depends on the age of the passport holder when the passport was obtained and the type of passport issued.
What are 'Generally Accepted Accounting Principles - GAAP'. Generally accepted accounting principles (GAAP) are a common set of accounting principles, standards and procedures that companies must follow when they compile their financial statements.
1 Describe the purpose of accounting standards such as U.S. Generally Accepted Accounting Principles (U.S. GAAP) and International Financial Reporting Standards (IFRS) and the benefits that these rules provide.  Explain the importance of accounting standards to the development of a capitalistic economy.