Tripitaka is the only Pali canon that is recognised by Theravada School of Buddhism. It is said to be the earliest collection of the teachings of the Buddha. The word `Tripitika` literally means `three baskets`. Such a name has been ascribed because in the earlier times the teachings or sermons were written down in the long and narrow leaves. These were then stitched, grouped and put into baskets. The collections of these teachings are also known as the Pali canon. Initially Tripitaka was handed over to the followers orally. However, in the 3rd century B.C. these teachings were penned down. The contents of the Tripitaka were decided at the First Buddhist Council. In the presence of Mahakashypa all the teachings of Buddha were recited by Buddha`s disciples. Then they were verified by other erudite Buddhists and thus the Tripitaka was compiled. The three parts of the Tripitaka are Vinaya Pitaka, Sutra Pitaka and Abhidhamma Pitaka.

While for Theravada Buddhists the Tripitaka is the sacred text, Mahayana Buddhism considers the Mahayana Suttas as their principal text. These suttas have been probably derived from Tripitaka as the Lotus Sutta mentions it.

Certain basic teachings emerge in many places all through the early texts, so most scholars conclude at least that the Buddha must have taught something of the form:

The three characteristics
The five aggregates
Dependent arising
Karma and rebirth
The four Noble Truths
Nirvana