Why Is the NIC Considered the "Gatekeeper

question 14

Essay

Why is the NIC considered the "gatekeeper"?

---

Definitions:

IFRS

International Financial Reporting Standards, a set of international accounting standards stating how particular types of transactions and other events should be reported in financial statements.

GAAP

Generally Accepted Accounting Principles, a set of rules encompassing the details, complexities, and legalities of business and corporate accounting.

U.S. Standards

This can refer to various official norms and regulations established by organizations and government agencies in the United States spanning different industries and areas such as accounting, safety, and quality.

GAAP

Generally Accepted Accounting Principles; these are the standard set of accounting rules, standards, and procedures that companies use to compile their financial statements in the United States.