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Understanding GAAP

So many contracts contain the phrase "in accordance with generally accepted accounting principles," but do lawyers really understand what this phrase means or how it may affect a client in any given contract?

19 minute read March 26, 2010 at 11:16 AM
By
Joan Rood And Laura Kinney
Understanding GAAP

So many contracts contain the phrase “in accordance with generally accepted accounting principles,” but do lawyers really understand what this phrase means or how it may affect a client in any given contract?

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