What are GAAP?

Many of us do not know what GAAP are, the truth is that it is very rare for an accountant of Hispanic American origin who lives in Colombia to know how to handle the subject, but it turns out that in this era of remote work, in a certain competition to work for a foreign company, I noticed that in the interview in English the employer performs a thorough analysis of the knowledge and expertise in GAAP, based on the fact that an accountant with normative bases in GAAP, which are the GENERALLY ACCEPTED ACCOUNTING PRINCIPLES, if he wants to claim a salary range of up to $4500 to $5000 USD, which is motivating and if he knows English at a good level (Level C1) He can choose to apply for this type of remote jobs.

Now, what are GAAP in itself? These principles and standards have been adopted and applied only in the United States. The remaining countries have international standards and are based on IFRS (International Financial Reporting Standards).

The primary objective of US GAAP is to harmonize and standardize accounting and financial information of companies to fairly reflect their status and promote transparent reporting.