Lady Godiva Accounting Principles(redirected from LGAP)
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Lady Godiva Accounting Principles
A theoretical system of accounting that would disclose information not required to be disclosed under the generally accepted accounting principles (GAAP). LGAP include all off-balance sheet items, among other things. They were devised in the wake of the Enron scandal, and while the Sarbanes-Oxley Act of 2002 improved accounting transparency in the United States, the LGAP remain largely theoretical.