7 Experts Weigh In On the Future of Accounting
Every industry is impacted by the rise of technology and automation, and for many, that can be an...
While it is particularly important in publicly traded companies, many investors and lenders require GAAP compliance as part of their decision-making process for all businesses.
GAAP is currently defined by the Financial Accounting Standards Board (FASB) and is primarily used by U.S. businesses. International Financial Reporting Standards, or IFRS, is the accounting framework used outside the U.S. GAAP has more rules than IFRS and, not surprisingly, is more difficult to understand. Still, it is considered to be a more comprehensive accounting structure.
GAAP makes it easier for anyone reading multiple financial statements from different companies to make a reasonable comparison since all of them have created their financial statements using the same rules. Some of the topics included in GAAP are:
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