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GAAP - conventions, rules and procedures governing accepted accounting practices.
In a particular country, GAAP are determined by the Financial Accounting Standard-Setter. IFRS (IAS) - a series of pronouncements published by IASB, which are observed in the preparation of financial statements.
The SPE would be limited by charter to certain permitted activities only – hence the name.
Financial reporting - presenting financial data, on a company's position, operating performance, and funds flow for an accounting period.Reports in the popular press that preceded Enron's case in December 2001 introduced many accountants for the first time to the topic of SPEs.