Accounting Dictionary

GAAP

GAAP means Generally Accepted Accounting Principles.

GAAP, Generally Accepted Accounting Principles, are the principles commonly used in the United States and adopted by the SEC. The Principles are published by the FASB, Financial Accounting Standards Board. They are used by all U.S. business concerns. Businesses who do business in other countries will do their accounting twice, once using GAAP principles and once using IFRS international principles.

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