Can anyone find the FASB codification that lays out requirements for an accounting software?
I see numerous articles stating that QuickBooks is not GAAP compliant - and they are usually sales pitches for their software. I am unable to locate within the FASB codification of GAAP where software requirements are laid out. All I see in the codification is the accounting principles that anyone with a bachelor degree in accounting is well-familiar with. Intuit makes a claim that GAAP compliant financial statements can be produced with the QSW tool.
I have never seen any FASB recommendation on accounting software. It is the knowledge of the accountant knowledge and skill that will prepare GAAP conpliant Financial Statements.
Sometime, if not often, this will require changing or writing new financial reports statements. The required accountant letter usually is a word document.
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