Is AAA the Same as Basis?
The American Accounting Association (AAA) is a professional organization that focuses on advancing accounting research and education. It does not set accounting standards like the Financial Accounting Standards Board (FASB) or the International Accounting Standards Board (IASB). The Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS) are frameworks of accounting standards used by companies to prepare their financial statements. Therefore, AAA and basis refer to distinct concepts: AAA pertains to a professional organization, while basis refers to the accounting frameworks used for reporting financial information.