Possible to deviate from GAAP and the accounting cycle and still prepare financial statements because "the standard categorizes the major sources of the GAAP are FASB Standards, Interpretations, and Staff Positions; APB Opinions; and AICPA Accounting Research Bulletins. Often, however, a specific accounting transaction occurs that these documents do not cover. In this case, companies must use other authoritative literature"
What about companies that are not governed by the SEC? What about private companies? Are they still governed by GAAP, and if so, to what extent? I need an expert opinion please.