Earnie wrote:
The acronym GAAP appears in there exactly zero times.
You are lucky the SEC doesn't throw you in jail for your blatant lies.
Earnie since you are such a disingenuous loser, cannot put two and two together, I thought I would give you a concise quote (found below).
But Detector Dude, that is not what you came for because you are the king of internet slander. Purveyor of mirrors, captain of the Titanic. Marching thru Let's Run with bag of crap slung over your shoulder. You should drop all your other handles and just use"Johnny Crap Seed."
"U.S. companies are required to present their financial statements according to a set of accounting standards, conventions and rules known as Generally Accepted Accounting Principles, or GAAP. An independent accountant audits the company’s financial statements. For large companies, the independent accountant also reports on a company’s internal controls over financial reporting. The auditor’s report is a key part of the 10-K. Most audit reports express an “unqualified opinion†that the financial statements fairly present the company’s financial position in conformity with GAAP. If, however, an auditor expresses a “qualified opinion†or a “disclaimer of opinion,†investors should look carefully at what kept the auditor from expressing an unqualified opinion. Likewise, investors should carefully evaluate material weaknesses disclosed on internal controls over financial reporting.
In addition, the Sarbanes-Oxley Act of 2002 requires the company’s CEO and CFO to certify that the 10-K is both accurate and complete. These are called Sections 302 and 906 certifications, and you can usually find them in Exhibits 31 and 32.
You may also find “non-GAAP financial measures†in the 10-K. That means that the numbers do NOT conform to GAAP. While companies are permitted to present non-GAAP measures, they must also show how they differ from the most comparable corresponding GAAP financial measure. As an investor, it is up to you to decide how much weight to give to non-GAAP measures."
From SEC.gov, 10-K, How to Read
Igy