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What Is GAAP (Generally Accepted Accounting Principles)?

Have you ever been in a financial conversation and wondered what is GAAP? GAAP stands for Generally Accepted Accounting Principles. It is a collection of commonly followed accounting rules and standards which ensure that accountants are operating ethically on behalf of their clients. The main points consist of the recognition of assumptions, principles and constraints in respect to accounting practices. In recent years, GAAP has been adopted by the SEC (Securities & Exchange Commission) in the united states. It is generally regarded as the highest standard of practice when it comes to accounting.

A large majority CPA’s and accountants in Vancouver abide by GAAP. What you need to know as a client is exactly how they abide by it. Make sure to ask your accountant how this applies to the work they are doing for you. For more information please feel free to contact us at 778-989-5280 or email us at shirin@accountant-vancouver.com & if ever in doubt, reach out to a trusted CPA (Chartered Professional Accountant) for help and they will ensure that you don’t fall into any trouble.

If you would like to read more about GAAP, Click here.

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