045 | November Topic of the Month - GAAP
Updated: Nov 10, 2021
So ... what is GAAP? We hear the term used all around us but how much is really known about it?
This month, we are going to dive a bit deeper. We'll start off simply with the definition of GAAP.
According to Wikipedia, Generally Accepted Accounting Principles (GAAP) of Canada provides the framework of broad guidelines, conventions, rules and procedures of #accounting. In 2006, Canadian GAAP was converged with International GAAP (IFRS) and became the new set of guiding principles for most entities. These rules, standards, and principles must be followed when making financial statements.
In our next post, we'll talk about the 4 principles of GAAP.
In the meantime, we invite you to contact us for any questions you may have about your business and bookkeeping needs. www.bigrose.ca/contact