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Small business accountants in Melbourne on what is GAAP

The phrase generally accepted accounting principles abbreviates into GAAP and is a collation of the basic accounting principles and guidelines that should be followed. Our small business accountants in Melbourne ensure that GAAP is a daily thing for all our clients.

GAAP consists of three important sets of rules:

  1. The basic accounting principles and guidelines
  2. The detailed rules and standards issued by the Financial Accounting Standards Board or FASB and its predecessor the Accounting Principles Board or APB
  3. The generally accepted industry practices

GAAP is exceedingly useful because it attempts to standardise and regulate accounting definitions, assumptions and methods. Due to the consistency of these standardised protocols, the year-to-year financial company reports have become more coherent.

We understand how important is it to ensure that all our clients and their accounts meet GAAP and its regulations. Our small business accountants in Melbourne know how to manage these types of standardised regulations so you won’t have to deal with them.