jan 1, 1939 - Creation of the GAAP

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At some point during the year 1939, the list of Generally Accepted Accounting Principles was created. These rules are set in place to keep accounting forms and reports honest. Over the next few decades the groups in charge of these principles changed and adapted them to constantly improve them. Even still, the rules of GAAP are a must follow for all accountants or else the companies will be in some serious trouble.

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