What is the meaning of Generally Accepted Accounting Principles (GAAP)?

generally accepted accounting principles > gaap

Conventions, rules, and procedures necessary to define accepted accounting practice at a particular time. The highest level of such principles are set by the FINANCIAL ACCOUNTING STANDARDS BOARD (FASB).

Barry Goldsmith
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APABarry Goldsmith. (2010). generally accepted accounting principles (gaap). Retrieved September 26, 2026, from http://smartdefine.org/generally_accepted_accounting_principles_(gaap)/definitions/1154872
ChicagoBarry Goldsmith. 2010. "generally accepted accounting principles (gaap)" http://smartdefine.org/generally_accepted_accounting_principles_(gaap)/definitions/1154872 (accessed September 26, 2026).
HarvardBarry Goldsmith 2010, generally accepted accounting principles (gaap), Smart Define, viewed 26 September, 2026, <http://smartdefine.org/generally_accepted_accounting_principles_(gaap)/definitions/1154872>.
MLABarry Goldsmith. "generally accepted accounting principles (gaap)" 21 October 2010. Web. 26 September 2026. <http://smartdefine.org/generally_accepted_accounting_principles_(gaap)/definitions/1154872>