Financial reporting under the US Generally Accepted Accounting Principles (GAAP) for local and state governments has an additional objective as to provide information that allows taxpayers and other users of governmental financial statements, to hold governments responsible.US GAAP accounting can be used by companies and not-for-profits to provide useful information for investors, lenders, and other people who may provide resources.The Generally Accepted Accounting Principles are based upon established concepts, objectives, and standards that have been adapted over time to guide financial statements’ preparation and presentation.The US GAAP accounting principles are applicable to all sectors and organizations. How to conform with the US GAAP Accounting Standards These standards are collectively known as Generally Accepted Accounting Principles (or US GAAP Accounting).ĥ. These financial statements are prepared according to the accounting standards established by the Financial Accounting Foundation’s standard-setting Boards, the Financial Accounting Standards Board(FASB), and the Governmental Accounting Standards Board(GASB). The US GAAP Accounting and financial reporting is the language used to communicate information about the financial and operational condition of a company, whether a public or private, not-for-profit organization or state or local government.įinancial reporting includes, in particular, the financial position (balance sheets, statements of net position), and the results from operations (statement revenue, expenses, changes in net position, the statement on comprehensive income, disclosures, etc.) US GAAP Accounting: The Generally Accepted Accounting Principles (GAAP) in the United States of America, and how to conform with the US accounting principles.
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