![]() ![]() must adhere to GAAP, as laid out by the U.S. Compliance with GAAP More payroll coverageĬhoosing a payroll service: A guide for business leadersīusinesses that have stock publicly traded on a stock exchange in the U.S. It also makes it easier to analyze the financial health of a company and compare it to others, since the statements follow a common format and rules. GAAP fosters trust in both companies’ financial statements and financial markets at large. GAAP compliance is almost always necessary for a company to become publicly traded or to receive financial funding such as loans. The ultimate goal of GAAP is to ensure that an organization’s financial statements are complete and accurate.
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