Good Industry Practice definition: Copy, customize, and use instantly
IFRS rules ban using last-in, first-out (LIFO) inventory accounting methods, whereas GAAP permits LIFO. Always scrutinize financial statements, as there’s potential for manipulation within GAAP’s framework. GAAP regulations require that non-GAAP measures be identified in financial statements and other public disclosures, such as press releases. Some companies may use GAAP and non-GAAP measures to report … Read more