The term GAAP, or "generally accepted accounting principles," refers to a set of accounting policies and procedures used in the formal compilation of financial statements. Some part of GAAP come from formal accounting standards from various boards and agencies, and some come from industry standards.
This is an excerpt from a presentation I give to business owners about managing cash flow and working effectively with banks.
Does a Roth IRA Count as an Asset in Insolvency Calculation for Cancelled Debt? Short answer is: yes.