what is the objectivity principle of accounting
These standards are called GAAP or Generally Accepted Accounting Principles. There are a number of different principles that GAAP uses to help maintain a high level of reliance and verifiability in financial reporting. One of these principles is the objectivity principle. The objectivity principle states that financial and accounting information needs to be independent and free from bias. This means that financial reporting like a company's financial statements need to be based on evidence and not opinions.