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by Captain Murphy on June 18th, 2008
No, they are just management reports. Accounting reports only have to follow GAAP when they are to be viewed by the public or governement, banks, etc. Management reports are usually just for management and don't need to follow GAAP, but it might still be eaiser.
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Comments
Wow that's interesting. Don't you think you would want management reports to follow GAAP anyway?
by ImNotAnonymous-COAT of Maestro-ness on June 18th, 2008
Management reports are usually made just for the management in the company and not really seen by many others. They can follow GAAP if they please, but for what they do, it would probably be faster for them if they didn't. They can just write up what they need without worrying about following those rules.
by Captain Murphy on June 18th, 2008