Generally Accepted Accounting Principles (GAAP)

This being a framework, is detailed and prescriptive in nature. Businesses are required to follow some basic accounting rules and adapt its transactional reporting based on the prescribed standards for uniformity. Though GAAP is used in the financial reporting in United States, countries having their own accounting standards are aligning theirs in line with GAAP with businesses becoming more global in nature. GAAP principles are based on the following and our expertise helps client ensuring clarity on the requirements, capturing data in the right way and its subsequent reporting.

  • Regularity
  • Consistency
  • Sincerity
  • Performance
  • Non-Compensation
  • Prudence
  • Continuity
  • Periodicity
  • Materiality
  • Good faith