Milwaukee Accounting | Accounting Standards
Posted by administrator in Milwaukee AccountingThe Federal Accounting Standards Advisory Board has put out an article about the generally accepted principles accountants should use. Why is this of importance for you as a small business owner? You are going to want to find a Milwaukee Accountant that follows these principles when doing your books. It is important that your Milwaukee accountant is proficient in all accounting standards so that your business is run in a smooth and profitable environment.
The term “generally accepted accounting principles” has a specific meaning for accountants and auditors. The AICPA Code of Professional Conduct prohibits members from expressing an opinion or stating affirmatively that financial statements or other financial data “present fairly… in conformity with generally accepted accounting principles,” if such information contains any departures from accounting principles promulgated by a body designated by the AICPA Council to establish such principles.
FASAB:Generally Accepted Accounting Principles
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