Disclosures both supplement and explain amounts in the statements. Examples of how GAAP works Let's take a closer look at GAAP in action, with an example from each of the four previous principles.

If you run a small business, you may not know much about the Generally Accepted Accounting Principles (GAAP). After all, GAAP standards apply mainly to publicly traded companies, so these rules don’t ...

Using standard accounting methods benefits any small business. For those looking to level up their financial reporting, adopting generally accepted accounting principles (GAAP) can unlock new ...