What is generally accepted accounting principles in SAP PSM - Public Sector Management?

SAP Term: generally accepted accounting principles

• Component: PSM

• Component Name: Public Sector Management

• Description: For most U.S. public sector entities, Generally Accepted Accounting Principles are the accounting and reporting requirements determined by the Governmental Accounting Standards Board GASB and formalized through other organizations such as the Government Finance Officers Association GFOA and the American Institute of Certified Public Accountants. Some organizations are also required to comply with the accounting and reporting requirements determined by the Financial Accounting Standards Board FASB.

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• Key Concepts:
  Generally Accepted Accounting Principles (GAAP) is a set of accounting standards and principles that are used to guide the preparation of financial statements. It is a framework of accounting rules and regulations that companies must follow when preparing their financial statements. GAAP is based on the principles of consistency, accuracy, and transparency.
  
  How to use it:
  In SAP Public Sector Management (PSM), GAAP is used to ensure that financial statements are prepared in accordance with the applicable accounting standards. This includes ensuring that all transactions are recorded accurately and in accordance with the applicable accounting standards. Additionally, GAAP helps to ensure that financial statements are presented in a consistent manner, which allows for easier comparison between different companies.
  
  Tips & Tricks:
  When preparing financial statements in SAP PSM, it is important to ensure that all transactions are recorded accurately and in accordance with GAAP. Additionally, it is important to ensure that all financial statements are presented in a consistent manner, as this will allow for easier comparison between different companies.
  
  Related Information:
  For more information on GAAP and its application in SAP PSM, please refer to the SAP Help Portal or contact your local SAP representative. Additionally, there are many online resources available that provide detailed information on GAAP and its application in SAP PSM.