GAAP: A Comprehensive Guide
Remote Quality Bookkeeping
JULY 24, 2023
For example, in 2019, Hertz was fined $16 million for inaccurate financial reporting. While GAAP unquestionably has advantages, it’s also important to consider its limitations and potential disadvantages for certain businesses. Rigidity: GAAP rules don’t provide any specific allowances for small businesses or sole proprietorships.
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