In the United States, financial accounting and reporting are governed by a system of

rules and regulations called generally accepted accounting principles (GAAP). Balance
sheets, income statements, and cash flow statements can all be created using a standard
framework provided by GAAP.

For a number of reasons, maintaining GAAP compliance is crucial.

Consistency: Financial statements can be compared across many businesses and

industries thanks to GAAP's consistent structure for financial reporting.

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Transparency: GAAP encourages openness by forcing businesses to disclose crucial

details about their financial performance and status.

Regulation: Publicly traded corporations in the United States are required by regulation
to comply with GAAP.