Financial Statement Presentation

August 01, 2020

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.

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