What is GENERALLY ACCEPTED ACCOUNTING PRINCIPLES (GAAP)?

Standardized broad guidelines and detailed procedures for financial statement preparations and specific accounting situations resolution. Managed set of authoritative rules, practices, and conventions.

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Related Legal Terms
CHANGE IN ACCOUNTING PRINCIPLES, GENERALLY ACCEPTED AUDITING STANDARDS (GAAS), PRINCIPLES-BASED ACCOUNTING, GENERALLY RECOGNIZED ACCOUNTING PRACTICE (GRAP), ACCOUNTING PRINCIPLES BOARD, NON-GAAP, ACCOUNTING CONCEPTS, ACCOUNTING CONTROL SYSTEM, GOVERNMENT ACCOUNTING STANDARDS BOARD (GASB), FASB STATEMENTS OF FINANCIAL ACCOUNTING CONCEPTS (SFAC)


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