What is GAAP, and why is it important to us?
Generally Accepted Accounting Principles (GAAP) is the set of rules that govern accounting practices in the USA. For a company to withstand an audit, it must prove that all of its accounting transactions comply with GAAP. In addition, GAAP rules ensure that fraud is deterred through the accounting system as it imposes a series of checks and balances. Naturally, ABD strives to make products that are in compliance with GAAP.
