What is US GAAP?

US GAAP: Generally Accepted Accounting. . . What Is GAAP? Generally Accepted Accounting Principles (GAAP or US GAAP) are a collection of commonly-followed accounting rules and standards for financial reporting.

What is gap in accounting?

Definition of Gaap, Gaap Meaning - The Economic Times Accounting is the process of measuring, processing, and communicating the financial information of a business or corporate. It is guided by a set of accounting rules that help find appropriate results.

What are the specifications of GAAP?

The specifications of GAAP, which is the standard adopted by the U.S. Securities and Exchange Commission (SEC), include definitions of concepts and principles, as well as industry-specific rules. The purpose of GAAP is to ensure that financial reporting is transparent and consistent from one organization to another.

Is GAAP a 'one-size-fits-all' approach to financial accounting?

GAAP has a "one-size-fits-all" approach to financial accounting. It does not address the size and complexity of the company. Each company has its unique environment, and these accounting principles cannot suit each. These principles can be too complex for small businesses to implement.