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Disclaimer

Effective date: April 26, 2025

Read this before relying on any output from GAAPToolbox.

GAAPToolbox provides computational tools to assist with GAAP accounting calculations. It does not provide professional accounting, tax, legal, or financial advice. All decisions regarding financial statement presentation and recording are the sole responsibility of the user.

1. Not Professional Advice

The tools, outputs, schedules, and other content provided by GAAPToolbox are for informational and computational assistance purposes only. Nothing in GAAPToolbox constitutes professional accounting, tax, legal, audit, or financial advice.

GAAPToolbox is not a substitute for the judgment of a qualified Certified Public Accountant (CPA), licensed accountant, attorney, or other professional advisor. Users are solely responsible for consulting with appropriate professionals before making any accounting, financial reporting, or business decisions.

2. No Accountant-Client Relationship

Use of GAAPToolbox does not establish, and should not be construed as establishing, an accountant-client, attorney-client, or any other professional relationship between the user and GAAPToolbox or its operators. No such relationship is created by your use of this service.

3. User Responsibility for Financial Judgments

The application of GAAP standards — including ASC 842, ASC 835, ASC 340, ASC 958, and any other standards addressed by this service — requires significant professional judgment. GAAPToolbox performs calculations based on the inputs you provide; it does not and cannot substitute for the professional judgment required to:

  • Determine the appropriate accounting treatment for a given transaction or fact pattern;
  • Assess whether a transaction meets the criteria of any GAAP standard;
  • Select appropriate inputs, assumptions, or methodologies;
  • Evaluate materiality, disclosures, or presentation choices;
  • Apply evolving interpretive guidance, regulatory positions, or industry practice.

All decisions regarding the recording, classification, measurement, and presentation of financial information in financial statements are solely the responsibility of the user and, where applicable, management of the reporting entity.

4. Accuracy and Completeness

We make reasonable efforts to ensure that GAAPToolbox performs calculations correctly and in accordance with the relevant accounting standards as we understand them. However, we make no representations or warranties — express, implied, or statutory — as to the accuracy, completeness, correctness, reliability, or fitness for a particular purpose of any calculation, output, schedule, or other content produced by GAAPToolbox.

Accounting standards and their interpretations change over time. GAAPToolbox may not reflect the most recent guidance, interpretations, or regulatory changes. Users are responsible for verifying that any output is consistent with current standards and applicable requirements.

5. As-Is Service; Use at Your Own Risk

GAAPToolbox is provided on an "as-is" and "as-available" basis. You assume all risk associated with your use of the service and any reliance on its outputs. We expressly disclaim all warranties of any kind, whether express or implied, including warranties of merchantability, fitness for a particular purpose, and non-infringement.

We do not warrant that the service will be error-free, uninterrupted, or free from bugs, viruses, or other harmful components.

6. Limitation of Liability

To the fullest extent permitted by applicable law, GAAPToolbox and its operators shall not be liable for any direct, indirect, incidental, special, consequential, exemplary, or punitive damages arising out of or related to your use of the service or reliance on any output it produces. This includes, without limitation, errors in calculations, misapplication of accounting standards, regulatory findings, financial losses, audit adjustments, or restatements.

If you are dissatisfied with any aspect of GAAPToolbox, your sole and exclusive remedy is to discontinue use of the service.

7. Third-Party Standards and Authoritative Guidance

References to GAAP standards (ASC topics and subtopics) are provided for context only. The FASB Accounting Standards Codification is the authoritative source for U.S. GAAP. Users should consult the Codification directly and, where relevant, FASB implementation guidance, AICPA guidance, and SEC staff positions.

GAAPToolbox is not affiliated with, endorsed by, or sponsored by the Financial Accounting Standards Board (FASB), the American Institute of Certified Public Accountants (AICPA), the Securities and Exchange Commission (SEC), or any other standard-setting or regulatory body.

8. Changes to This Disclaimer

We may update this Disclaimer from time to time. Changes are effective when posted, as indicated by the effective date above. Continued use of GAAPToolbox after changes are posted constitutes your acceptance of the revised Disclaimer.

9. Contact

Questions regarding this Disclaimer may be directed to: support@gaaptoolbox.com