GAAP FINANCIAL STANDARDS

Generally Accepted Accounting Principles (GAAP) is a widely accepted set of rules, conventions, standards, and procedures for reporting financial information which are established and administered by the American Institute of Certified Public Accountants (AICPA) and the Financial Accounting Standards Board (FASB).

Furthermore, reviews and audits must be prepared in accordance with Generally Accepted Auditing Standards (GAAS) by a Certified Public Accountant.

Updated by ADAMS KESSLER 10/3/2008