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generally accepted accounting principles
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generally accepted accounting principles

Also known as: GAAP
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Generally Accepted Accounting Principles (GAAP) are a common set of accounting rules, standards, and procedures that companies must follow when they compile their financial statements. In the United States, GAAP is established by the Financial Accounting Standards Board (FASB). These principles ensure that financial reporting is consistent and comparable across different companies. GAAP covers various aspects of accounting, including how assets and liabilities are measured and reported. The goal is to provide a transparent and reliable picture of a company's financial health to investors, creditors, and other stakeholders.123

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3 Britannica Sources
  1. GAAP
  2. accounting - The move toward international accounting standards
  3. accounting - Problems of measurement and the limitations of financial reporting

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