What is US GAAP & GAAS in SAP FI-LC - Consolidation?

SAP Term: US GAAP & GAAS

• Component: FI-LC

• Component Name: Consolidation

• Description: The United States Generally Accepted Accounting Principles GAAP and Generally Accepted Auditing Standards GAAS.

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• Key Concepts: 
  US GAAP (Generally Accepted Accounting Principles) and GAAS (Generally Accepted Auditing Standards) are two sets of standards used in the United States for financial reporting and auditing. US GAAP is a set of accounting principles, standards, and procedures that public companies must follow when preparing their financial statements. GAAS is a set of standards used by auditors to ensure that financial statements are accurate and reliable. 
  
  How to use it: 
  The FI-LC Consolidation component of SAP allows companies to consolidate their financial statements in accordance with US GAAP and GAAS. This component provides a comprehensive set of tools for consolidating financial statements, including the ability to create consolidated financial statements, adjust for differences between parent and subsidiary companies, and generate reports for auditors. 
  
  Tips & Tricks: 
  When using the FI-LC Consolidation component, it is important to ensure that all data is accurate and up-to-date. Additionally, it is important to ensure that all transactions are properly recorded in accordance with US GAAP and GAAS. 
  
  Related Information: 
  For more information on US GAAP and GAAS, please refer to the Financial Accounting Standards Board (FASB) website. Additionally, for more information on the FI-LC Consolidation component of SAP, please refer to the SAP Help Portal.