A universally recognized and adopted set of accounting rules, standards, and procedures, typically issued by the Financial Accounting Standards Board (FASB) in the United States. GAAP serves as the fundamental framework for recording, reporting, and interpreting financial information in a consistent and transparent manner. It ensures that financial statements are prepared in a way that allows for meaningful comparisons between different organizations and provides investors, stakeholders, and regulators with reliable and standardized financial information for decision-making and analysis.
Schedule a Complimentary Consultation.