Are Waveapps financial statements generated with International Financial Reporting Standards?

seatigerseatiger Member Posts: 1

Are Waveapps financial statements generated with International Financial Reporting Standards?

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  • MikegMikeg Member Posts: 314 ✭✭✭

    I'm more of a tax expert than Financial Reporting and but can speak a little to generally accepted accounting principals (GAAP). It is more about the method of accounting and disclosures that make the statements acceptable or presentable. So for example, cash basis accounting is not GAAP. So if you are not accounting for accounts receivable or accounts payable and generate a balance sheet using Wave, your balance sheet does not conform with GAAP. You can probably substitute IFAS standards for GAAP.

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