![]() ![]() In 2019, it fined Hertz ( HTZ) $16 million for reporting items that were not consistent with GAAP. The SEC does not take a kind view of companies that fail to conform to GAAP. Errors and omissions can impact a company's credibility with lenders, investors, and other parties who rely on financial statements for an accurate picture of a company's finances. An overview of the 10 principles which make up the GAAP framework are summarized below. GAAP is not law, though violating GAAP can have costly ramifications. What are Generally Accepted Accounting Principles The Generally Accepted Accounting Principles (most often referred to as GAAP) are a collection of commonly followed accounting rules and standards for financial reporting in the United States. The Generally Accepted Accounting Principles (most often referred to as GAAP) are a collection of commonly followed accounting rules and standards for financial reporting in the United States.
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