Group writing assignment for leasing

These standards will not only be used in USA but will have a significant influence in most parts of the country as they will be giving businesses and other countries that will act within  USA and will follow their role model.   Accounting practices in USA are more regulated than those in UK, being that the rules and regulations in the past were imported by the earliest inhabitants of USA from the United Kingdom who had developed some business in USA. Nowadays these rules and regulations are referred to as US GAAP', which means US generally accepted accounting principles. In 1886 the American association of public accountants and this was recognized in New York state law in 1896 which developed the certified public accountant ants which are being followed in many other countries.

in the past regulation of accounting practices purely lied in the hands of private accounting business, and they were never open to outside parties, but in 1957, American institute of certified public accountants( AICPA) came in and brought together all the accounting firms. An international congress which brought together all the accountants was conducted in Missouri (USA) in 1904.   The Congress had representatives from most parts of the world which included England, Netherlands, Canada and Scotland. This is the Congress which led to the development of international accounting system. Some of the issues which were discussed include, a growth of the world economy, the combination of the accounting profession, establishments of audit organizations, corporate profits calculation standards were developed. In this Congress, the participants had to know which services will be fed to the end users and things to be done for full satisfaction of the clients of accounting information.