ljubaphoto / Getty Images The main difference between accrual and cash basis accounting lies in ... typically not accepted for audited financial statements or filings under GAAP or IFRS.

Accrual basis accounting (sometimes called the accrual ... to use accrual accounting in the preparation of public financial statements as required by GAAP. The SEC enforces this requirement ...

Cash basis accounting is generally simpler than the accrual method ... method or the cash method when preparing their financial statements; however, if a company is public, it must use the ...