GENERALLY ACCEPTED ACCOUNTING PRINCIPLES

Generally Accepted Accounting Principles: translation

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)

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GENERALLY ACCEPTED ACCOUNTING PRINCIPLES

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