GAAP: A Comprehensive Guide
Remote Quality Bookkeeping
JULY 24, 2023
For example, in 2019, Hertz was fined $16 million for inaccurate financial reporting. GAAP accounting standards exist so that investors, creditors, and the public can better compare different companies’ financial situations. Publicly-traded companies that violate GAAP can face discipline and steep fines from the SEC.
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