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jan 1, 1939 - Creation of the GAAP

Description:

At some point during the year 1939, the list of Generally Accepted Accounting Principles was created. These rules are set in place to keep accounting forms and reports honest. Over the next few decades the groups in charge of these principles changed and adapted them to constantly improve them. Even still, the rules of GAAP are a must follow for all accountants or else the companies will be in some serious trouble.

Added to timeline:

28 Oct 2019
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Timeline of Generally Accepted Accounting Principles
A brief history of why and how the GAAP rules were created.

Date:

jan 1, 1939
Now
~ 85 years ago

Images:

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