GAAP

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

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( Generally Accepted Accounting Principles)

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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GAAP GAAP ACCOUNTING

written abbreviation for Generally Accepted Accounting Principles

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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.

   ► See also International Accounting Standards Board.

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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.

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mandated/required by GAAP

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in accordance/conformity with GAAP