![]() GAAP is implemented through measurement principles and disclosure principles. GAAP-based income is measured so that the information provided on financial statements is useful to those making economic decisions about a company, such as potential investors and creditors. ![]() The Principles of GAAP Generally accepted accounting principles, or GAAP for short, are the accounting rules used to prepare and standardize the reporting of financial statements, such as balance sheets, income statements and cashflow statements, for publicly traded companies and many private companies in the United States. ![]() ![]() If you have ever inquired about an accounting position at a business, you've probably seen the phrase "candidates are required to demonstrate a current knowledge of Generally Accepted Accounting Principles (GAAP)." But, what exactly is GAAP and why is it a mandatory requirement with today's business accountants? ![]()
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February 2023
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