GAAP, or Generally Accepted Accounting Principles, are the rules that guide accountants in the United States. (Accountants in other countries have different sets of rules, with most countries following IFRS, or International Financial Reporting Standards.) The SEC, or Securities Exchange Commission, enforces GAAP in the U.S. by requiring public companies to present audited financial statements quarterly and annually. Based on what you have learned so far about GAAP/IFRS and about business ethics and integrity, what role do you think these accounting rules and standards play in promoting ethical business operations? Why are these rules and standards so important for our economy and our society? Your post should consist of 1 - 2 well written paragraphs using proper grammar, punctuation, and spelling. I expect you to use critical thinking and apply what you have learned. I do not want a textbook or "Google" answer! This should be in your own words, utilizing your own thoughts, perspectives, experiences, and ideas. At least one reply to a classmate's post is also required. Your reply should be a substantive contribution to the discussion. It should NOT be a critique, peer review, or "I agree" statement. These types of replies will earn 0 points - no matter how long, well worded, and descriptive they are! Make this an interactive discussion such as you would have in a classroom setting or among peers.