What are Generally Accepted Accounting Principles (GAAP)?

When a public company issues a financial statement, everything needs to be clear and well-understood by everyone reading it. To ensure this, it’s paramount to have a baseline for reporting. That’s where Generally Accepted Accounting Principles (GAAP) come in. GAAP represents methods, rules and practices that provide guidelines and procedures—as […]

The Blind Spot: How ESG Matters Can Affect Current Accounting and Financial Reporting

© Igor Borisenko/iStock/Getty Images Plus The Financial Accounting Standards Board (FASB) and Securities Exchange Commission (SEC)  have been providing guidance, making statements and delivering speeches about accounting and financial reporting considerations for environmental, social and governance (ESG) matters since the beginning of spring to address growing interest and concerns from […]

Lease accounting changes keep on coming

Private companies are facing a deadline on implementing the new lease accounting standard, but recent updates in the rules could make an impact on their financial statements and disclosures. Last month, the Financial Accounting Standards Board issued an accounting standards update to help lessors account for variable lease payments (see […]

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