article thumbnail

Financial Accounting Hierarchy - By JP Puchulu

Boston Startup CFO

They prepare the income statement, balance sheet, and statement of cash flows using the accrual accounting method. Familiarity with Generally Accepted Accounting Principles (GAAP) is essential.

article thumbnail

7 Essentials Of Nonprofit Financial Management

The Charity CFO

When creating your fiscal policy, ensure that it complies with the Generally Accepted Accounting Principles (GAAP). Bring GAAP compliance. Create transparency and accountability required by the board and IRS. Policies for financial management, human resources, and privacy. Risk management strategies.

article thumbnail

Parallel Accounting is a Key Tool for Global Companies with Multiple Reporting Requirements

Bramasol

One important side effect of the ongoing trend toward globalization is the need to comply with a range of different accounting principles as well as with disparate reporting and compliance mandates. Parallel Ledgers - in which multiple ledgers are used, with an accounting principle applied to each ledger.