Generally Accepted Accounting Principles


Generally Accepted Accounting Principles
generally accepted accounting principles ( GAAP)
Accounting treatments that fully conform to established rules from the American Institute of Certified Public Accountants ( AICPA). For all nongovernment entities in the United States, GAAP is primarily determined by the Financial Accounting Standards Board ( FASB). For state and local government entities in the United States, GAAP is primarily determined by the Government Accounting Standards Board ( GASB). Both FASB and GASB function under the auspices of the Financial Accounting Foundation (FAF), an independent, nonprofit foundation. American Banker Glossary
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( GAAP)
The overall conventions, rules, and procedures that define accepted accounting practice at a particular time in the U.S. Bloomberg Financial Dictionary

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Generally Accepted Accounting Principles ˌGenerally Acˌcepted Acˈcounting ˌPrinciples abbreviation GAAP noun [plural] ACCOUNTING
in the US, official rules about how things should be dealt with and shown in company accounts. In Britain, similar rules are set down in the financial reporting:

• New York state now requires the city of New York to balance its budget on the basis of Generally Accepted Accounting Principles.

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Generally Accepted Accounting Principles UK US noun [plural] ACCOUNTING
GAAP(Cf. ↑GAAP)

Financial and business terms. 2012.

Look at other dictionaries:

  • Generally Accepted Accounting Principles — (GAAP) is the standard framework of guidelines for financial accounting. It includes the standards, conventions, and rules accountants follow in recording and summarizing transactions, and in the preparation of financial… …   Wikipedia

  • generally accepted accounting principles — See UK GAAP and US GAAP. Related links + Generally Accepted Accounting Principles (GAAP) USA Rules and procedures generally accepted wit …   Law dictionary

  • Generally Accepted Accounting Principles — (GAAP) USA Rules and procedures generally accepted within the accounting profession. The Financial Accounting Standards Board (FASB) is the body primarily responsible for developing rules governing US generally accepted accounting principles and… …   Law dictionary

  • generally accepted accounting principles — ( GAAP) Accounting treatments that fully conform to established rules from the American Institute of Certified Public Accountants ( AICPA). For all nongovernment entities in the United States, GAAP is primarily determined by the Financial… …   Financial and business terms

  • Generally Accepted Accounting Principles — (GAAP). The conventions, rules and procedures necessary to define accepted accounting practices at a particular time; includes both broad and specific guidelines. The source of such principles is the Financial Accounting Standards Board …   Black's law dictionary

  • Generally Accepted Accounting Principles — (GAAP). The conventions, rules and procedures necessary to define accepted accounting practices at a particular time; includes both broad and specific guidelines. The source of such principles is the Financial Accounting Standards Board …   Black's law dictionary

  • Generally Accepted Accounting Principles (UK) — The Generally Accepted Accounting Practice in the UK, or UK GAAP, are the overall body of regulation establishing how company accounts must be prepared in the United Kingdom. This includes not only accounting standards, but also UK company… …   Wikipedia

  • generally accepted accounting principles — noun a collection of rules and procedures and conventions that define accepted accounting practice; includes broad guidelines as well as detailed procedures • Syn: ↑GAAP • Hypernyms: ↑collection, ↑aggregation, ↑accumulation, ↑assemblage • Member… …   Useful english dictionary

  • Generally accepted accounting principles — (GAAP)   Defined by the FASB as the conventions, rules, and procedures necessary to define accepted accounting practice at a particular time, includes both broad guidelines and relatively detailed practices and procedures.   U.S. Dept. of Energy …   Energy terms

  • generally accepted accounting principles — GAAP In the USA, the rules, accounting standards, and accounting concepts followed by accountants in measuring, recording, and reporting transactions. There is also a requirement to state whether financial statements conform with GAAP. In the UK… …   Accounting dictionary


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