18 lines
1.6 KiB
Text
18 lines
1.6 KiB
Text
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Directly quoting bkuhn from #npoacct @ irc.freenode.net:
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│17:31:34 bkuhn | oh, reason is easy: in the USA, any bookkeeping system that isn't double-entry would │
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│ | likely not be considered appropriate GAAP │
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│17:31:50 bkuhn | you can link GAAP to │
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│ | http://en.wikipedia.org/wiki/Generally_accepted_accounting_principles │
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│17:31:54 bkuhn | GAAP is an odd thing. │
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│17:31:58 bkuhn | It's not the "law" │
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│17:32:10 bkuhn | but accountants would tell the IRS "we think something bad is going on" if you didn't │
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│ | follow GAAP │
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│17:32:20 bkuhn | Also, GAAP isn't a list of rules. │
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│17:32:29 bkuhn | It's basically 'rough consensus' of accountants │
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│17:33:08 bkuhn | So, it's somewhere in between "implicit norm" and the "law" │
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│17:33:27 bkuhn | in the sense that you'd probably loose your non-profit status from the IRS if your │
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│ | auditors said you weren't following GAAP
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For convenience: [[!wikipedia Generally_accepted_accounting_principles]] [wikipedia]
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