Gaap: The Generally Accepted Accounting Principles (GAAP) [a]

The Generally Accepted Accounting Principles (GAAP) [a] are the set of default accounting standards used by companies based in the United States. Published and maintained by the Financial Accounting Standards Board (FASB), the Accounting Standards Codification outlines the specific and authoritative rules governing GAAP for non-governmental organisations. GAAP sources of law for government agencies and Securities and Exchange Commission (SEC) registrants are found in federal securities law ... Accounting principles are the rules and guidelines that companies must follow when reporting financial data. GAAP, Generally Accepted Accounting Principles, is a recognized set of rules and procedures that govern corporate accounting and financial GAAP stands for Generally Accepted Accounting Principles, a set of rules and standards for financial reporting. Learn about the sources, topics, users, and importance of GAAP, and how it differs from IFRS.