Is it possible to deviate from GAAP and still prepare financial statements? What some consequences from this?

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Is it possible to deviate from GAAP and still prepare financial statements? What are some possible consequences from this course of action.

2007-02-28 19:06:40 · 3 answers · asked by Anonymous in Business & Finance ➔ Corporations

Why not just stick to GAAP? It's a pretty straightforward way of staying legit and not getting yourself into hot water.

2007-02-28 19:14:54 · answer #1 · answered by yumyum 6 · 0⤊ 0⤋

Not and be ethical.
Possible actions:
loose CPA license
be audited
go to jail

2007-02-28 19:12:26 · answer #2 · answered by Terry Z 4 · 1⤊ 0⤋

loose? really?

2015-08-07 09:13:51 · answer #3 · answered by Joe R. 2 · 0⤊ 0⤋