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Minding the GAAP: 10 Tips to Stay GAAP Compliant | CPACharge
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Security and Compliance Minding the GAAP: 10 Tips to Stay GAAP Compliant | CPACharge Ross Burkhart March 17, 2022 The U.S. business sector is comprised of many varying industries and sub-industries. So, how is someone interested in multiple areas of business supposed to interpret financial reporting in different fields? That’s where the rules of the generally accepted accounting principles (GAAP) apply. In this article, we'll discuss the basics of GAAP standards and share 10 steps you can take to help ensure you're GAAP-compliant. What is GAAP? GAAP is set by the Financial Accounting Standards Board (FASB) and is meant to establish financial transparency across multiple industries. GAAP is defined by 10 general concepts: Principle of Regularity Principle of Consistency Principle of Sincerity Principle of Permanence of Methods Principle of Non-Compensation Principle of Pr...
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