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Related to GAAP: Non-GAAP, Sarbanes Oxley


Generally Accepted Accounting Principles

Rules to which accountants adhere when preparing financial statements. The Generally Accepted Accounting Principles exist to ensure that American accountants are using the same or almost the same standards so that comparison of financial statements between or within a company is easy and accurate. They also promote transparency in accounting. The GAAP are set by the FASB. See also: International Financial Reporting Standards.


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.

GAAP (Generally Accepted Accounting Principles)



(pronounced “gap”) Generally accepted accounting principles declared by the Financial Accounting Standards Board (FASB).

References in periodicals archive ?
ly/2uN6mdY), which reveals that for the second quarter of 2015, 40% of the S&P 500 companies presented non-GAAP metric more prominently than the GAAP numbers.
Ultimately, the SEC's goal was to ensure that investors are not misled by financial information that differs from what is presented in the GAAP basis financial statements.
As a result, CommVault will gradually increase its non-GAAP effective tax rate as it approaches its anticipated long-term GAAP tax rate.
Securities and Exchange Commission, which requires such companies to show a reconciliation between their results under home-country GAAP rules and results as they would have been under U.
Be inserted into GAAP financial statements or in the accompanying notes.
Literally interpreted, Judge Laro's statements involving GAAP mean that an unqualified audit opinion is a guarantee or warranty (a "certification") that all of the accounting methods used to prepare the financial statements on which the audit opinion was rendered were in conformity with GAAP.
It adopted a new disclosure regulation, Regulation G, which requires public companies that disclose non-GAAP measures to include the most directly comparable GAAP measure and a reconciliation of the two.
GAAP net loss for the fourth quarter of 2013 was USD7.
GAAP net loss for the period was USD68,000, or USD0.
GAAP increasingly influence each other, making it important for all CPAs to understand how FASB's conforming a U.