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Current and capital accounts are both a part of the balance of payments. The balance of payments is a set of accounts that must adhere to generally accepted accounting principles (gaap).
Generally Accepted Accounting Principles (GAAP) are a set of uniform accounting guidelines published by the Financial Accounting Standards Board (FASB). When their accountants put together a company's financial statements, public corporations in the U.S. must adhere to GAAP.
The 10 key concepts of GAAP serve as a set of rules for the standards, which are founded on them. It is sometimes contrasted with the International Financial Reporting Standards (IFRS), which are viewed as more of a standards-based standard. Recently, attempts have been made to switch from GAAP reporting to IFRS because IFRS is a more global standard. The FASB's set of accounting standards, known as GAAP, must be adhered to by American businesses when creating their financial accounts.
The goal of GAAP is to make financial information more understandable, reliable, and comparable.
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