CPA Voice: Generally Accepted Accounting Principles (GAAP) are coming under increased scrutiny

Generally Accepted Accounting Principles (GAAP) are coming under increased scrutiny regarding the cost versus decision-usefulness of recent standards, especially for less sophisticated private businesses. 

GAAP is important to financial reporting quality, providing information that is consistent and comparable, receiving public exposure and input in its development and being built by an independent standards-setting body. However, despite the introduction of some private company differences within GAAP and alternative accounting frameworks for small- and medium-sized entities, the election of GAAP departures continues to increase in use and acceptance.  

Read the article available now in the Jul/Aug issue of CPA Voice.  

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