What Is GAAP & Why It Exists | GAAP Basics

GAAP is the rulebook behind every US financial statement. This lesson explains what GAAP is, who sets it, and why it exists in the first place.

What you'll learn in this video:
• What GAAP is and who makes the rules (the FASB)
• How the 2009 Codification replaced hundreds of scattered standards
• The three core purposes: consistency, comparability, and reliability
• What "prepared in accordance with GAAP" actually commits a company to

📚 Part of: GAAP — What It Is, Why It Exists, and How to Use It Correctly
🎯 Audience: Intermediate
📌 PNJ Financial Statements Training — Series 02, Section 1 of 5

#GAAP #Accounting #FASB #FinancialReporting #AccountingBasics

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GAAP, what is GAAP, generally accepted accounting principles, FASB, FASB Codification, US GAAP, accounting standards, financial statements, financial reporting, accounting basics, consistency, comparability, reliability, AICPA, SEC, accounting rules, prepared in accordance with GAAP, accounting training, PNJ, intermediate accounting, accounting principles

Видео What Is GAAP & Why It Exists | GAAP Basics канала Ledger & Logic