GAAP (Generally Accepted Accounting Principles):

Cost - Amounts in financial statements are stated at their historical cost. Matching - Revenue is recognized at the time it is earned. Expenses related to The generation of revenues should be recorded in the same period as the revenues. The Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) significantly changes the structure and hierarchy of Accounting standards.

GAAS (Generally Accepted Audited Standards):

GAAS tells CPAs how to perform audits to determine whether financial statements are prepared in accordance with GAAP. Public Company Accounting Oversight Board, created by the Sarbanes-Oxley Act of 2002.

Report of Accountants:
Compilation Review Audit

Financial Statements:
Balance Sheet Income Statements Statement of Cash Flows Statement of Shareholders' Equity Notes to Financial Statements