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Private companies do not have to follow or care about GAAP. They should, but there is no "legality" here.
by Brushfire 11y ago
Private companies do not have to follow or care about GAAP. They should, but there is no "legality" here.
- wjnc 11y agoThanks, you're right. Did not know that US GAAP is adopted by the SEC. I'm more familiar with IFRS and Dutch GAAP which (at least partly) matter for any corporation that is registered in the Netherlands.