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 Accounting Standards Board ( FASB). For state and local government entities in the United States, GAAP is primarily determined by the Government Accounting Standards Board ( GASB). Both FASB and GASB function under the auspices of the Financial Accounting Foundation (FAF), an independent, nonprofit foundation. American Banker Glossary
The overall conventions, rules, and procedures that define accepted accounting practice at a particular time in the U.S. Bloomberg Financial Dictionary

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   Generally Accepted Accounting Principles are procedures and rules that define accounting practice. The United States uses GAAP, whereas Europe uses IAS, International Accounting Standards.

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GAAP UK US /gɑːp/ noun [plural] ACCOUNTING
ABBREVIATION FOR Generally Accepted Accounting Principles: in the US, the rules that companies must follow when preparing financial accounts and reports: »

Under GAAP, revenue from a software sale should not be recognized until a copy of the software has been delivered to the customer.


mandated/required by GAAP


in accordance/conformity with GAAP

Financial and business terms. 2012.

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  • Gaap — En demonología, Gaap es un poderoso Príncipe y Gran Presidente del Infierno, comandando sesenta y seis legiones de demonios. Él es, acorde con La Llave Menor de Salomón, el rey y príncipe de la región Sur del Infierno y la Tierra, y acorde con el …   Wikipedia Español

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