"The Importance of Financial Statements" Please respond to the following:
Public companies are required to publish annual financial
statements. Suggest the major benefits of companies making financial
statement information available to employees. As an employee, discuss
what financial information would be of value to you. Provide at least
two (2) specific examples on why the information is important.
Briefly explain generally accepted accounting principles (GAAP), and
describe why it is important that public companies follow GAAP when
preparing financial statements. Also, give your opinion on whether
private companies should be required to follow GAAP. Provide a rationale
for your opinion.