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DEVELOPMENT OF ACCOUNTING STANDARDS (GRADED)
Hello Class, Welcome to week 1 Discussion Topic 1.
Generally Accepted Accounting Principles (GAAP) are guidelines for companies to follow as they prepare and issue financial statements.
Let’s start by getting an understanding of why the guidelines were developed in the first place?
a) Who relies on the financial statements (external users) and why, what are they using the statements for?

b) What happens if an External User relies on financial statements that are inaccurate? (what could happen to the corporaton)