Flexible GAAP may therefore not induce firms to disclose the information that the GAAP were designed to produce.
"They are following GAAP," she said.
Every accountant knows that there is good GAAP and not-so-good GAAP.
"The goal is when a banker looks at financial statements, they know that GAAP is GAAP".
Some companies there will use Japanese GAAP while others follow American GAAP.
Q. Can you list some examples of GAAP's? A. EMC is a GAAP, JDS Uniphase is a GAAP, Yahoo is a GAAP, just for several examples.
The tactic violates generally accepted accounting principles, or GAAP.
But no one number -- GAAP or otherwise -- is enough.
In 2011, the panel recommended that "exceptions and modifications" be made to GAAP for private companies, but advised against "a separate, self-contained GAAP for private companies or a wholesale reorganization of GAAP".
Instead, it just said in the news release that "Tesla is amending its Q1 guidance to full profitability, both GAAP and non-GAAP".
Under GAAP accounting rules, Citi's profits jumped more sharply - to $2.69bn from $1.2bn a year ago.
