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GAAP

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GAAP

GAAP

Generally accepted accounting principles (GAAP). Generally accepted accounting principles (GAAP), which are the basis for financial reporting by the private sector in the United States, have been codified by the Financial Accounting Standards Board (FASB) into a single authoritative source.

The codification is designed to strengthen the economic system by organizing standards from various sources into approximately 90 accounting topics and providing uniform criteria for communicating data. The code is scheduled for final adoption at the end of 2008 following a one-year verification period.



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The difference between non-GAAP net operating income and GAAP net income for the quarter occurred primarily due to a September 11th-related government grant of $1.
Google reports operating income, net income, and earnings per share (EPS) on a GAAP and non-GAAP basis.
Generally Accepted Accounting Principles (GAAP) fully diluted earnings per share (EPS) for Q4 2006 was 30 cents with record GAAP net income of $24.
 
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