AJ1G Inc. (AJYG)

[BillydaKid]

We should be thankful that GCGX wants and is going to adhere to the GAAP guidelines. This was put in place after the "Great Depression" for the sake of transparency and to help protect investors that have a vested interest in a company. In those days many people lost everything.

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.