Tab: Resources GAAP

From the highest level on down, financial management practices at the University of Colorado Boulder adhere to generally accepted accounting principles (GAAP). In addition, finance operations are guided by the interpretation and application of rules and regulations issued by the:

Did you know that GAAP has a specific meaning for accountants and auditors? The AICPA Code of Professional Conduct prohibits members from expressing an opinion or stating affirmatively that financial statements or other financial data “present fairly…in conformity with generally accepted accounting principles,” if such information contains any departures from accounting principles promulgated by a body designated by the AICPA Council to establish such principles (from the Federal Accounting Standards Advisory Board).

See the Fund Management section of the Accounting Handbook for a further explanation of GAAP.