Trump's $250M fraud trial hinges on whether he followed generally accepted accounting principles. In an effort to keep our readers awake, we asked two accountant-comedians to explain the wonkiness.

Learn how GAAP applies to a company's inventory reserves, using cost or market value methods, and its impact on accounting standards and financial planning.

Generally accepted accounting principles, known as GAAP, are a standard set of guidelines followed by US accountants and corporations. Since publicly traded companies are required to report GAAP ...

Private companies are calling for their own accounting playbook. While privately held companies easily make up the majority of businesses in the U.S., they still are governed by the same set of basic ...

Financial statements are one mechanism in which to provide insight into a company's financial health. However, management may not be satisfied that this information clearly reflects their business, ...

There are two dominant systems of accounting used by corporations around the world. In the U.S., companies use the generally accepted accounting principles, or GAAP, while international companies use ...

When you read financial statements, you may see GAAP vs. non-GAAP figures reported. All public companies in the U.S. are required to use generally accepted accounting principles (GAAP). Financial ...

GAAP reports in detailed, precise formats; IFRS allows flexible, principle-based reporting. GAAP does not permit asset value recovery post-impairment; IFRS allows revaluation. IFRS does not mandate ...

KraftCPAs Member Tracy Thomas writes that we should soon have a decision from the Financial Accounting Foundation on a recommendation by a blue-ribbon panel to develop a set of accounting standards ...

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 ...

What Are Generally Accepted Accounting Principles (GAAP)? Your email has been sent Understanding GAAP is essential for anyone involved in finance or accounting. Learn the key principles and their ...