An Introduction to Generally Accepted Accounting Principles (GAAP)

"An Introduction to Generally Accepted Accounting Principles (GAAP)" offers a clear and accessible overview of the essential rules governing financial reporting in the U.S. This session is designed for professionals who are new to GAAP or who want a refresh that focuses on practical understanding rather than complex accounting calculations.

The training begins with a simple, structured explanation of what GAAP is, how it developed, and why it plays such a crucial role in ensuring reliable financial information. Participants will learn about the Financial Accounting Standards Board (FASB), the role of the Accounting Standards Codification (ASC), and how regulators and auditors use GAAP to maintain accuracy and accountability across the financial ecosystem.

Next, the course introduces the 10 foundational principles of GAAP, including concepts like consistency, materiality, prudence, periodicity, continuity, and utmost good faith. Each principle is explained in everyday language, with examples illustrating how these rules prevent manipulation and promote transparency in financial reporting.

Why should you Attend: Financial reports can be intimidating-not because the numbers are complex, but because the rules behind the numbers aren’t always clear. Without knowing how GAAP works, it’s easy to misinterpret performance, overlook key disclosures, or misunderstand how a company arrived at its reported results.

Have you ever looked at a financial statement and felt uncertain about what the numbers truly represent? Have you wondered whether a company’s revenue reflects actual economic activity, or whether GAAP allowed it to be recognized early? Have you been involved in due diligence or oversight and felt unsure whether financial risks were adequately disclosed?

These doubts are common, especially among professionals who rely on financial statements but were never formally trained in accounting. GAAP shapes everything from how revenue is recognized to how assets are valued, yet many professionals only see the final output-not the rules behind it.

This session addresses that uncertainty head-on. Participants will learn:

• What GAAP is and why it exists
• How the 10 GAAP principles guide financial reporting
• How companies apply GAAP to build each financial statement
• What disclosures are required to ensure transparency
• Where risks or misinterpretations commonly arise

• What GAAP is and why it exists
• Overview of FASB and the Accounting Standards Codification
• The 10 foundational GAAP principles
• How GAAP improves consistency and transparency
• How GAAP shapes the income statement
• How GAAP shapes the balance sheet
• How GAAP shapes the cash flow statement
• Required disclosures and why they matter
• Common GAAP misunderstandings in financial services and fintech
• Practical, real-world examples across the financial ecosystem

• Compliance Professionals
• Risk Managers
• Financial Crime and AML Professionals
• Operations Managers
• Product Managers
• Internal Auditors
• Fintech Partner Managers
• Vendor Management Teams
• Analysts and Business Strategists
• Anyone who Reviews or Relies on Financial Data