What is the purpose of GAAP

If the content you are searching for is not included in the list below, please use the menu system or search function to find what.Consistent standards are applied throughout the financial reporting process.Generally accepted accounting principles (gaap) is a set of accounting rules created to govern financial reporting for corporations in the united states.Gaap is constantly evolving as accountants seek better methods of providing.It ensures that a company's financial records are complete and homogeneous.This is important to business leaders because it gives a complete picture of the company's health.

The acronym is pronounced gap.Ocbaoa examples include the income tax basis of accounting, the cash basis of accounting, and the modified cash basis of accounting.To make the world smarter, happier, and richer.