The length of validity for U.S. passports depends on the age of the passport holder when the passport was obtained and the type of passport issued.
What are 'Generally Accepted Accounting Principles - GAAP'. Generally accepted accounting principles (GAAP) are a common set of accounting principles, standards and procedures that companies must follow when they compile their financial statements.
This essay discusses the principle based approach and rules based approach for accounting and critically examine the more appropriate standard of accounting. According to Bennet et al (2006) the difference between rules-based and principles-based standards is not clear and is subject to a variety of interpretations.