Financial Reporting Under US GAAP

A short US GAAP primer

This beginner course from EDUCBA is about applying US GAAP rather than only knowing its names. Its stated aim is to analyse accounting standards and use US GAAP reporting concepts with confidence, which makes it a practical route for someone who needs to read statements prepared under these rules.

Reading standards with purpose

Standards are easier to remember when you know the question each one answers. Ask what a rule is trying to make comparable, and why a reporting choice would be questioned, and the individual requirements begin to form a pattern.

Next steps

• Pick one standard and summarise the reporting outcome it requires.
• Compare how the same transaction would be reported under a different framework.
• Look at a published annual report to see GAAP in use.