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Is management accounting reports required to follow GAAP principles?

By heatrock Asked Jun 18 2008 5:08PM
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First Answer

by Captain Murphy on Jun 18, 2008 at 5:12 pm Permalink

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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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Avatar ImNotAnonymous-COAT of Maestro-ness Jun, 18 2008 at 05:14 PM
Wow that's interesting. Don't you think you would want management reports to follow GAAP anyway?
Avatar Captain Murphy Jun, 18 2008 at 05:18 PM
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.


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