5 Common GAAP Violations

Posted by Kevin Johns and Gregory Schulte on June 6, 2017

Kevin Johns

In the United States, the most common accounting framework for the preparation of financial statements is Generally Accepted Accounting Principles (GAAP). This framework provides a common set of rules in order for readers to properly understand and interpret financial results.  GAAP is also the most common framework used when composing contract language for a merger or acquisition transaction. Errors or omissions in applying GAAP can be costly in a business transaction; impacting credibility with lenders and leading to incorrect decisions. These violations can cause inaccurate reporting for internal and budgeting purposes, as well as a reduced reliance on prepared …

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