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Frequently Asked Questions

What kind of financial reporting requirements does GAAP set out?

Per generally accepted accounting principles (GAAP), companies are responsible for providing reports on their cash flows, profit-making operations and overall financial conditions. There are three major financial statements required under GAAP: the income statement, the balance sheet and the cash flow statement.

What is the AutoCheck U.S. GAAP disclosures checklist?

The AutoCheck U.S. GAAP Disclosures Checklist is organized by accounting topic, consistent with the Codification's broad structure. The completed checklist can be placed in annual or quarterly workpapers to provide support for review and compliance procedures.

What is importance of GAAP?

GAAP is important because it allows investors to analyze financial statements without having to deal with consistency issues. However, even though private sector accountants must adhere to GAAP rules, some can still distort the figures. Companies often have discretion to use varying methods for valuing assets.

What is a GAAP income statement?

A GAAP income statement is actually a collection of several different statements. In addition to a statement providing an overview of the organization’s status, there is the balance sheet, the statement of owner’s equity, and the statement of cash flow.

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