What can I say to reply to my peer and add to the conversation According to Reiter & Song (2018), generally accepted accounting principles (GAAP) are accounting guidelines that provide rules for financial statements and reporting. GAAP was established to ensure financial information and reporting is accurate and uniform between different organizations (Reiter & Song, 2018). Without GAAP, organizations may not be transparent with their financial reporting, resulting in unreliable financial information (Reiter & Song, 2018). The organizations involved with establishing GAAP include the Securities and Exchange Commission (SEC) and the Financial Accounting Standards Board (FASB) (Reiter & Song, 2018)