GAAP are generally recognised rules and procedures for accounting and financial reporting by companies in the United States. They were developed by the Financial Accounting Standards Board (FASB) and the Governmental Accounting Standards Board (GASB) and also apply to public authorities and non-profit organisations.
Basics and objectives:
- Standardisation of financial reporting.
- Ensuring comparability and transparency between companies.
- Compliance with legal and regulatory requirements.
GAAP and SAP Business One:
- SAP Business One offers functions to financial accounting GAAP-compliant.
- The system supports GAAP compliance through automated accounting processes and accurate reporting tools.
- The parallel account model in SAP Business One allows simultaneous fulfilment of GAAP, IFRS and local accounting standards.
GAAP in asset accounting:
- A separate main valuation area can be set up for GAAP.
- This is used to recognise transactions in accordance with GAAP.
- Other valuation areas, e.g. for IFRS, can also be used.
Recommendations for implementation:
- GAAP-compliant processes should be set up in poll with the SAP partner and the auditor.
- It is required, Authorisationscompany codes and documentation accordingly.
- The responsibility for correct implementation and reporting lies with the company.
Versino Financial Suite Version 05.2026: What's Changed
Version 05.2026 of the Versino Financial Suite brings two innovations that directly target time loss and system limitations in daily...
E-Invoicing 2026: From Receipt to Mandatory Issuance — what SMEs must clarify now
From 1 January 2025, every B2B company in Germany must be able to receive electronic invoices — regardless of turnover. One and a half years...
Service description in the e-invoice: How much detail really needs to be included?
The introduction of mandatory e-invoicing is shifting the focus away from mere PDFs towards structured data. This is particularly noticeable ...
Verifactu in Spain: the new invoicing obligation
Spanish companies are facing a turning point in their digital accounting. Royal Decree 1007/2023 and Regulation HAC/1177/2024 oblige almost all companies to ...
The e-invoicing regulations in Europe
Electronic invoicing is no longer a topic for the future, but is becoming a legal requirement in many European countries. Driven by initiatives such as ...
Versino Financial Suite V09.2025 for SAP Business One
Since the introduction of the Financial Cockpit at the start of 2025, it has been clear that the strategic focus of the Versino Financial Suite is shifting ...
