![]() NOTE: FreshBooks Support team members are not certified income tax or accounting professionals and cannot provide advice in these areas, outside of supporting questions about FreshBooks. Businesses use them to organize and summarize financial information into accounting records. In the U.S., these accounting standards have been established by the Financial Accounting Standards Board (FASB) and the American Institute of Certified Public Accountants (AICPA).įor companies that follow GAAP, these principles are at the core of all of their accounting transactions. companies of all sizes and across industries adhere to.
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