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ACC 497 Understanding GAAP and Its Impact on Financial Reporting

Analysis of GAAP principles and their impact on financial reporting.

Dylan Price
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UnderstandingGAAPandItsImpactonFinancialReportingACC497WEEK1DQ2‘WhatareGenerallyAcceptedAccountingPrinciples(GAAP)?HowdoGAAPaffectfinancialreporting?HowmightGAAPneedtochangetoaccommodatetoday’sdynamicbusinessenvironment?TheGAAPistheaccountingrulesusedtoprepareorstandardizethereportsoffinancialstatementsthatincludebalancesheets,cashflow,andincomestatementsfrompubliclyandprivatecompanies.ThisinformationfromtheGAAPishelpfulforindividualsthataremakingdecisionsaboutacompany,mainlyinvestorsorcreditors.GAAPaffectsthefinancialreportingbymeasurementanddisclosureprinciples.Theseprinciplescanrecognizethetimingandbasisofthingsthatareenteredintotheaccountingcyclebyknowingwhentransactionsarerecorded.Thedisclosureprinciplegivesinformationaboutthenumbersthatareessentialtothefinancialstatements.TheGAAPmightneedtochangeinordertomakemenCofantmem]embodCnni]kiTaeSAATPedeeTTC+StudyXY

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Document Details

University
Grand Canyon University
Course
ACC 497
Subject
Accounting

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