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GAP INTERNATIONAL Association of Graduate Analytical Psychologists NEWSLETTER 2006 PRESIDENTS OPENING REMARKS 2 A G A P F O R U M 2006 4 YVONNE TREES RETIREMENT 6 OUTCOME OF LEGAL PROCEEDINGS AGAINST
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A gap refers to the difference between two or more things, typically used in financial statements to represent discrepancies or inconsistencies.
All companies that prepare financial statements are required to follow GAAP (Generally Accepted Accounting Principles) when filing financial reports.
To fill out a GAAP-compliant financial statement, companies must follow the guidelines set forth by the Financial Accounting Standards Board (FASB).
The purpose of GAAP is to ensure consistency and transparency in financial reporting, allowing for comparability among different companies.
Financial statements prepared under GAAP must include information on assets, liabilities, equity, income, expenses, and cash flows.
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