Posts Tagged ‘GAAP’

What Accounting Methods Do Contractors Use?

Thursday, November 1st, 2012

Usually when you hear the words “accounting method,” you think of generally accepted accounting principles (GAAP). However, you should not overlook the impact that accounting methods have in the tax world, especially for construction contractors. (more…)

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Got GAAP? Private Companies Asked to Comment on National Financial Reporting Standards

Tuesday, December 6th, 2011

Private companies have a once in a lifetime opportunity to express their concerns to standards setters that private company financial reporting is far different from publicly traded ones – and as a result financial reporting standards should be created and governed by an independent private company board. (more…)

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How can accounting standards be improved for privately held businesses?

Friday, September 24th, 2010

At Rea & Associates, we believe some elements of Generally Accepted Accounting Principles, or GAAP, create an excessive burden for closely held businesses and the accounting firms that serve them. Although GAAP principles work well for publicly-traded businesses, financial reporting requirements as a result of some of the principles take a great deal of time to prepare and result in additional accounting expenses for our clients – without providing any benefit to the businesses or those who use the financial information. (more…)

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