Standards and principles in accounting and auditing are fundamental to ensuring integrity and accuracy in financial reporting. Attorneys, while often familiar with financial statements, may find navigating these standards challenging without a clear grasp of their intricacies.
Welcome to the second in a series of articles which explore basic accounting concepts. This will include terminology, principles, methods, reports, and statements. The goal is to increase financial acumen, correct common misconceptions, and alert attorneys to the items that matter most to them and their legal practices. By deepening the understanding and providing clarity on these standards and principals, this guide aims to equip attorneys with knowledge to help them navigate accounting-related issues more effectively in their practice of law.
For more information on understanding the key differences between GAAP and GAAS, and how these principles and standards apply to financial and accounting practices, please reach out to Anthony Bracco, Leader of the Litigation, Forensic and Valuation Services (LFVS) Group, David Beckman, Partner in the LFVS Group, Margaret Kolb, Director in the LFVS Group, or your Anchin Relationship Partner.
