generally accepted accounting principles
See UK GAAP and US GAAP.
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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 practices.
Related terms

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.


generally accepted accounting principles
n. Standards adopted by the accounting profession for the form and content of financial statements. Abbreviated as GAAP.

Webster's New World Law Dictionary. . 2000.


generally accepted accounting principles
The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records.

Dictionary from West's Encyclopedia of American Law. 2005.


generally accepted accounting principles
The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records.

Short Dictionary of (mostly American) Legal Terms and Abbreviations.

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 — (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) 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 — 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

  • Generally Accepted Accounting Principles — (GAAP).  Accepted rules and procedures for accounting.  ► “Starting next year, all life insurers will need to comply with the same set of accounting standards if their financial statements are to be regarded as GAAP the standard used by all… …   American business jargon

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