Generally Accepted Accounting Principles (GAAP)

Generally Accepted Accounting Principles (GAAP)

Generally Accepted Accounting Principles (GAAP) are the financial accounting and reporting rules and standards established by the Financial Accounting Standards Board for public companies. FASB is recognised by the US Securities and Exchange Commission as the setter of US accounting standards. Private companies that release financial statements to the general public may also choose to draw up their financial statements in accordance with GAAP accounting rules.

logo-animationlogo-animationlogo-animation

Related terms