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Generally accepted accounting principles (GAAP)
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[QUOTE="Holicent, post: 253836, member: 76163"] [FONT=Verdana]Generally accepted accounting principles, or GAAP, are used in insurance to ensure that the financial statements are accurate and reflect the company's financial position accurately. Generally accepted accounting principles are based on a set of standards that have been established by many different organizations and companies, such as the Financial Accounting Standards Board (FASB). GAAP can help a company gain a better understanding of itself, its operations and its financial performance. This knowledge helps a company make informed decisions about how to maintain profitability and continue to provide good service to customers. It also allows companies to determine how best to allocate resources among different business lines in order to achieve their goals. They were developed in response to the Great Depression, as a way for businesses to be more transparent and accountable. The purpose of GAAP is to ensure that companies are providing accurate information about their finances, so investors can make informed decisions about whether or not to invest. In insurance, GAAP is used to measure and analyze the company's performance over time, as well as provide an understanding of what factors affect profits and losses.[/FONT] [/QUOTE]
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Generally accepted accounting principles (GAAP)
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