What is the importance of generally accepted accounting principles?

list all generally accepted accounting principles in Pakistan

GAAP help to ensure that financial information fairly presents a firm's operating results and financial position.

what is the list of generally accounting accepted principles

no, it only accepts it once we take up fair values not the fair market values bcz somtimes market under value a perticular asset

GAAP help to ensure that financial information fairly presents a firm's operating results and financial position.GAAP is important for uniformity reasons. Any where in the world as long as the two...