FINANCE: GAAP checklist (printable)
In order for accounting to be reliable, companies must adhere to a set of rules which are applicable to everyone. GAAP is the set of rules that companies use in most countries worldwide. Below are several of the main guidelines of GAAP.
* Financial accounting data must be assembled and reported objectively
* Third parties who rely on accounting reports must be assured that the that data is free of inconsistency and bias
* Rules must be applied and enforced regularly
* Financial reports should reflect in good faith the financial health of a coompany
* Financial reports should be comparable and consistent
* Methods adopted can not be changed period to period
* The principal of Matching means expenses and revenues are recorded in the period incurred
* Materiality means judgment needs to be applied as to the financial material level of decisions
* Revenues should only be recorded when probably and determinable
* All information which may have an impact on the financial health of a company needs to be disclosed
* Assets are recorded at their historical value, not their current value
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