Standard Accounting Procedures
Accounting is a complex discipline and practice, spanning academia and business, and standard accounting procedures vary by industry and even by accepted national standards. That said, both governments and private industry have made a significant effort toward harmonization of accounting standards in the last few decades. One of the major results of that effort is the emergence of a set of international accounting practices called the Generally Accepted Accounting Principles (GAAP), to which companies must adhere.
gaap accounting vs. tax accounting