Company: Starbucks. In order for a company to distribute its financial statements to the public, it is required to follow the "generally accepted accounting principles" (GAAP). GAAP is essential in standardizing and regulating accounting definitions, assumptions, and methods. A company generally lists the significant accounting policies as the first note in the financial statements. Review the financial statement notes of the business you have selected for your Financial Statement Analysis Report. Select two of the significant accounting policies and discuss how each policy impacts the financial reporting for that entity. To participate in further discussion, compare the significant accounting policies to a peer's discussion post, and identify how the reporting standards are different or similar for the company the peer is reporting on.