Financial statement reporting: Understand the distinctions
$225.00
Description
Abstract: It’s important for lenders to understand the distinctions between accounting standards and be able to recognize when — and why — borrowers choose to use different reporting systems for their financial statements. This article explains the differences between Generally Accepted Accounting Principles (GAAP) and tax-basis reporting, noting that both are valid and the decision of how to report financial information depends on a business’s specific characteristics.
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