Trump's Legal Battles: Fraud, GAAP, and a Scathing Post
The $250 million fraud trial involving Donald Trump hinges on whether he followed generally accepted accounting principles (GAAP). Two accountant-comedians have been enlisted to explain GAAP in a humorous way, with one surprised that Trump's financial statements weren't written in crayon and covered in stickers. GAAP, set by the Financial Accounting Standards Board, ensures consistency, accuracy, and transparency in financial statements. The panel of CPAs who decide GAAP are compared to parents who say, "Don't lie, cheat, or steal." GAAP consists of about 1,000 pages and has 10 key principles, all variations of "don't cook the books."