Ethics in Accounting
Generally Accepted Accounting Principles (GAAP) are a set of rules and standards used for financial reporting and accounting in the United States. These principles ensure consistency, transparency, and comparability in financial statements, which are essential for stakeholders such as investors, creditors, and regulators to make informed decisions. GAAP is vital for ethical financial reporting as it lays the foundation for trust in financial statements and helps maintain transparency through full disclosure of relevant financial information.
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