What is the name of the set of guidelines and rules that apply to the preparation of financial statements?

GAAP has three parts: Basic accounting principles and guidelines. Standards and rules published by the Financial Accounting Standards Board (FASB) and its predecessors.Click to see full answer. Herein, what principles are involved in preparing the different financial statements? According to IAS 1 general features of financial statements (which can also be called as fundamental principles for preparation and presentation of financial statements) are: Fair presentation and compliance with IFRSs. Going concern. Accrual basis of accounting. Materiality and aggregation. Offsetting. Reporting annually. Also, what are the financial reporting requirements? The required financial statements for U.S. business corporations are: Statement of income. This financial statement is also known as the statement of operations, statement of earnings, or income statement. Statement of comprehensive income. Balance sheet. Statement of cash flows. Statement of stockholders’ equity. Likewise, what is the name of rules and regulations used to prepare financial statements? Generally accepted accounting principles (GAAP) is the name of the rules and regulations used to prepare financial statements.What 7 items must be included in the annual financial statements?The Financial Accounting Standards Board (FASB) has defined the following elements of financial statements of business enterprises: assets, liabilities, equity, revenues, expenses, gains, losses, investment by owners, distribution to owners, and comprehensive income.