What do u know about USGAAP

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USGAAP stands for United States Generally Accepted Accounting Principles, which are a set of accounting standards used in the US.

USGAAP is a set of accounting principles, standards, and procedures that companies must follow when preparing their financial statements.
It is important for companies operating in the US to comply with USGAAP to ensure consistency and transparency in financial reporting.
USGAAP covers a wide range of topics including revenue recognition, depreciation, inventory valuation, and financial statement presentation.
One key difference between USGAAP and IFRS (International Financial Reporting Standards) is the treatment of inventory costs, with USGAAP allowing for LIFO (Last In, First Out) method while IFRS does not.
USGAAP is overseen by the Financial Accounting Standards Board (FASB) in the US.

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