GAAP is Common — but Not Always “Pure”
The research team emailed more than 42,000 CFOs and ended up with 542 usable responses, mostly from small and mid-sized businesses.
When asked how they prepare financial statements:
- 68% said U.S. GAAP
- 25% said GAAP with exceptions (translation: “GAAP… mostly,” with carve-outs)
- 22% said tax- or cash-basis accounting
- Less than 1% said they don’t prepare financial statements at all
To dig deeper, visit the original article on the Thomson Reuters blog.