GAAP stands for Generally Accepted Accounting Principles. These are a set of accounting principles for financial reporting. The purpose of this set of rules and standards is; to ensure that financial reporting is clear and consistent from one organization to various agencies/companies.
As a financial controller, I ensure that the company's books and reports are in compliance of US General Accepted Accounting Principles to ensure that all of our quarterly and end of the year fiscal reports are consistent and true. This also helps drives external and internal stakeholders' trust with us. With quarterly reports that are consistent with US GAAP, we can ensure that our company moves in the proper direction that keeps our company's financial health in check and also for our customers as well.
by Abdavison November 1, 2021