Applying financial reporting standards can be quite complex. The BDO team can help you assess your situation and prepare for the opportunities and challenges involved.
Fair presentation in accordance with GAAP
Financial statements are required to present fairly in accordance with GAAP the financial position, results of operations and cash flows of an entity.
Fair presentation in accordance with GAAP is accomplished by:
- Applying Section 1100, Generally Accepted Accounting Principles.
- Providing sufficient information about transactions or events that are of a size, nature and incidence that their disclosure is necessary to understand their effect on the entity's financial position, results of operations and cash flows for the periods presented; and
- Providing information in a clear and understandable manner.