In accordance with applicable standards
- We follow the Generally accepted accounting principles, or GAAP, in accounting. GAAP are a set of rules that encompass the details, complexities, and legalities of business and corporate accounting. The purpose of GAAP is to ensure that financial reporting is transparent and consistent from one organization to another. GAAP allows investors to easily evaluate companies simply by reviewing their financial statements. GAAP also helps companies gain key insights into their own practices and performance. Although it is not required for non-publicly traded companies, GAAP is viewed favorably by lenders and creditors. Most financial institutions will require annual GAAP compliant financial statements as a part of their debt covenants when issuing business loans. As a result, most companies in the United States do follow GAAP.
DCAA & GASB Compliance
- The Federal Acquisition Regulation (FAR) requires that government contractors be able to withstand an audit of their accounting system—to ensure it can manage cost contracts, their cost proposals—to back up prices, and their incurred costs—to show that they are reasonable, allowable, and allocable, in accordance with FAR. We help business houses engaged in Government Contracts to comply with DCAA
- We do GASB compliance checking, of financial information reported by Government entities to help taxpayers understand how their tax dollars are being spent.