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.
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