Generally accepted accounting principles

GAAP stands for Generally Accepted Accounting Principles. It's a set of standards in accounting that assure there is some form of consistency among the ways that businesses report their financial information. Established by the Federal Accounting Standards Board, the standards are made up of commonly used practices followed by most public, private and government organizations.

See also

• Accounting
• Accounting methods
• Accounting trade associations

External Links

• Federal Accounting Standard Board Website