The Generally Accepted Accounting Principles (GAAP) in the United States are used by various entities, including public companies, private companies, not-for-profit organizations, and state and local governments. US GAAP sets out the rules for financial reporting by organizations of all types. Its objective is to ensure that financial statements provide reliable information about an organization's financial position, performance, and cash flows. Financial statements that comply with US GAAP give investors, lenders, and other users of financial information a reasonable basis for assessing an organization's financial condition and results of operations.