Standards and principles in accounting and auditing are fundamental to ensuring integrity and accuracy in financial reporting. Attorneys, while often familiar with financial statements, may find navigating these standards challenging without a clear grasp of their intricacies.
Welcome to the second in a series which explores basic accounting concepts. This volume is designed to enhance financial knowledge, dispel common misconceptions, and highlight many of the key accounting issues most relevant to attorneys and their legal practices. By providing a clear and more comprehensive understanding of accounting and audit standards and principles, the guide aims to equip attorneys with insights to help them address accounting-related challenges with greater confidence and efficiency.
For more information on understanding the key differences between GAAP and GAAS, and how these principles and standards apply to financial and accounting practices, please reach out to Anthony Bracco, Leader of the Litigation, Forensic and Valuation Services (LFVS) Group, David Beckman, Partner in the LFVS Group, Margaret Kolb, Director in the LFVS Group, or your Anchin Relationship Partner.
