From the course: Lean Accounting Foundations
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How lean accounting aligns with accounting standards
From the course: Lean Accounting Foundations
How lean accounting aligns with accounting standards
- [Instructor] One common concern I hear from lean thinking enterprises is does lean accounting align with the governing accounting standards? Now, this is usually code for am I going to get in trouble with the auditors? Now, in the U.S., accounting standards are overseen by the Generally Accepted Accounting Principles, or simply GAAP. In most other countries, it's the International Financial Reporting Standards, or just IFRS. Now, it isn't feasible to delve into too much detail here about the relevant accounting standards. I mean, after all, this is an introductory course. And you're most likely watching because you're interested in how to build and sustain lean accounting practices and not worry about all this accounting stuff. However, I think it's important to at least touch on accounting standards because pretty much every financial process is going to be scrutinized both internally and externally, especially those…
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