Almost every business in the United States uses the US GAAP accounting principles for their financial needs. GAAP is different from pro forma accounting, which does not comply with standards enlisted by GAAP. When you implement GAAP, you can expect better clarity and consistency in your company’s financial information. Over the years, they have become the standard norm for reporting and recording accounting data. GAAP brings together different authoritative standards put in force by policy boards. In addition, you must record promises to give future donations as pledges receivable when you receive the pledge, rather than when your nonprofit receives the actual donation.What Are Generally Accepted Accounting Principles (GAAP)?
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