GAAP (Generally Accepted Accounting Principals) record all transactions: cash, accrual, investment, expenses, tax and all other expenses and deductions that may or may not have to be reported on your business’ yearly tax form.
Kondler CPAs provide assurance on the financial management and procedures of your private comany. We ensure your financial statements or ‘compilations’ are in accordance with GAAP. We work with you, your management and internal accounting staff to define your needs, design affordable solutions and deliver results.This form of accounting is governed by strict standards and rules and may show actual income that is different from taxable income.
Keeping up with industry trends:
Recently, the Journal of Accountancy published an article about a “blue-ribbon” panel* formed to review financial reporting of private companies. One of the key “take aways” from the panel’s first meeting is that GAAP is still considered the gold standard in financial reporting but that panel members are reviewing the future of accounting standards for private companies and how potential modifications to GAAP may affect those standards going forward.
We would be happy to review your business financials – our team of seasoned professionals is always keeping up with the latest in accounting principles to ensure we are always acting in our clients best interests.
*The panel is sponsored by the AICPA ~ Kondler & Associates is proud member of the American Institute of Certified Public Accounts.