Lady Godiva Accounting Principles


Also found in: Acronyms.

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.