GAAP have two important functions.

SOFE AFE Question Answer

GAAP have two important functions. First, they provide a set of standards that endeavor to measure with reasonable accuracy the assets held, liabilities owed, revenue earned, and expenses incurred by the company. For life insurance companies these measurement rules have been prescribed specifically for their specialized products. The second important function of GAAP is:

To ensure the comparability of financial data from year to year within each company and with similar data prepared by other companies

To ensure the comparability of financial data

To ensure the comparability of financial data from month to month within each company and with similar data prepared by other companies

To ensure the comparability of financial data from quarter to quarter within each company and with similar data prepared by other companies

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GAAP have two important functions.

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