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Thursday, May 02, 2019 9:12:02 PM
U.S. law requires businesses that release financial statements to the public and companies that are publicly traded on stock exchanges and indices to follow GAAP guidelines, which incorporate 10 key concepts:
Principle of regularity: GAAP-compliant accountants strictly adhere to established rules and regulations.
Principle of consistency: Consistent standards are applied throughout the financial reporting process.
Principle of sincerity: GAAP-compliant accountants are committed to accuracy and impartiality.
Principle of permanence of methods: Consistent procedures are used in the preparation of all financial reports.
Principle of non-compensation: All aspects of an organization’s performance, whether positive or negative, are fully reported with no prospect of debt compensation.
Principle of prudence: Speculation does not influence the reporting of financial data.
Principle of continuity: Asset valuations assume the organization’s operations will continue.
Principle of periodicity: Reporting of revenues is divided by standard accounting time periods, such as fiscal quarters or fiscal years.
Principle of materiality: Financial reports fully disclose the organization’s monetary situation.
Principle of utmost good faith: All involved parties are assumed to be acting honestly.
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