What are GAAP principles?
An example of an AI chatbot conversation about GAAP principles in accounting.
What are GAAP principles?
GAAP stands for Generally Accepted Accounting Principles. They are a set of rules and standards for financial reporting.
Why are GAAP principles important?
GAAP principles ensure consistency, transparency, and comparability in financial statements, which helps investors and stakeholders.
Can you give me examples of GAAP principles?
Sure! Some key GAAP principles include the Revenue Recognition Principle, Matching Principle, and Full Disclosure Principle.
How do GAAP principles differ from IFRS?
GAAP is primarily used in the U.S., while IFRS is used internationally. They differ in various accounting treatments and disclosures.
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