Mind The GAAP

Generally accepted accounting principles (GAAP) are "generally accepted" for a reason. "Generally" speaking, they give the public a yardstick by which to measure performance. The problem for corporate management teams is that adhering to GAAP makes it more difficult to fudge the numbers when it comes to appeasing investors. You might say management doesn't "generally accept" these accounting principles when it means reporting numbers that don't measure up to expectations. And so, we get "pro