Accounting Standards

Accounting standards ensure financial statements are consistent, transparent, and comparable across organizations. McMurtry Accounting helps clients understand these frameworks so they can produce accurate reports that meet regulatory expectations and support sound decision‑making. By following established standards, businesses build trust with stakeholders, lenders, and investors.

GAAP: The Foundation of U.S. Financial Reporting

Generally Accepted Accounting Principles (GAAP) provide the baseline rules for financial reporting in the United States. McMurtry Accounting ensures that each financial statement—including balance sheets, income statements, cash flow statements, and disclosures—adheres to GAAP requirements. This commitment helps safeguard accuracy, reduce risk, and maintain compliance with regulatory bodies and industry expectations.

Implementing IFRS for Global Operations

For businesses operating internationally, the International Financial Reporting Standards (IFRS) may be required or beneficial. We help clients evaluate whether IFRS is relevant to their operations and assist in interpreting the differences between IFRS and GAAP. McMurtry Accounting provides guidance that supports smooth transitions, accurate reporting, and seamless cross‑border financial communication.

Internal Controls That Uphold Standards

Adhering to accounting standards requires robust internal controls that ensure data accuracy, prevent discrepancies, and strengthen financial integrity. McMurtry Accounting works closely with organizations to design, implement, and evaluate these controls. By improving processes and documentation, we help businesses maintain reliable reporting frameworks that withstand audits and regulatory scrutiny.

Staying Current With Evolving Requirements

Accounting standards are not static—they evolve as industries change and new regulations emerge. McMurtry Accounting monitors updates from governing bodies to ensure our clients remain fully compliant. From adopting new reporting rules to modifying existing practices, we provide proactive guidance so businesses can adapt smoothly without disruption or uncertainty.