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Generally Accepted Accounting Principles (GAAP)

Knowledge of the generally accepted accounting principles and the ability to apply them appropriately within the organization.

Behavior Statements

Proficiency Level 1 - Basic understanding

Recognizes the need for and concepts behind accounting principles.

Identifies key issues and components of GAAP.

Describes how GAAP is applied within the organization.

Seeks relevant documentation and information.

Proficiency Level 2 - Working experience

Applies specific accounting principles in the context of given business situations.

Uses established accounting practices in day-to-day assignments.

Researches and reports any contradictions that may arise in regards to GAAP vs. local law.

Analyzes internal and external sources of information for accounting practices.

Solves conflicting interpretations of the meaning and application of GAAP.

Proficiency Level 3 - Extensive experience

Develops and implements organizational accounting practices based on GAAP.

Recommends and implements specific interpretations of GAAP.

Advises others on provisions of Section 401 of Sarbanes-Oxley Act regarding 'non-GAAP financial measures.'

Consults on application of GAAP.

Resolves complex problems and differences of interpretation when applying GAAP.

Integrates GAAP into overall financial systems.

Proficiency Level 4 - Subject matter depth and breadth

Develops and implements enterprise-wide accounting practices.

Designs and adapts GAAP concepts and architecture to support organizational strategies.

Establishes industry best practices for new accounting methods, tools, and techniques.

Leads in designing and implementing GAAP policies and procedures.

Directs the application of GAAP for unique and controversial circumstances.

Leads discussions on improving effectiveness of accounting practices within the organization.

Interview Questions

  • Describe a time when you applied GAAP to a unique or complex accounting issue.
  • What was your role in setting and reinforcing accounting practices with your organization?
  • How did you and/or your organization handle a departure from GAAP?
  • Tell me how GAAP fit in to your work responsibilities.
  • How did your organization reconcile differing interpretations of GAAP?

Titles with Shared Competencies