In the US, is it bootleg if an accountant(s) did not follow a single or some-more of the GAAP?
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Tagged as: Accepted, Accounting, Gaap, Generally, Principles
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According to the Wikipedia:
US GAAP is not written in law, although the U.S. Securities and Exchange Commission (SEC) requires that it be followed in financial reporting by publicly-traded companies.
It could be consider fraud if the accountant was claiming to follow GAAP and was knowingly not.