The Importance of Financial Statements, accounting homework help

Public companies are required to publish annual financial statements. Suggest

the major benefits of companies making financial statement information available

to employees. As an employee, discuss what financial information would be of

value to you. Provide at least two (2) specific examples on why the information

is important.

Briefly explain generally accepted accounting principles (GAAP), and describe why it is important that public companies follow GAAP when preparing financial statements. Also, give your opinion on whether private companies should be required to follow GAAP. Provide a rationale for your opinion.