What does GAAP stand for in accounting?

Generally Accepted Accounting Principles (GAAP) is a framework of accounting standards, rules and procedures defined by the professional accounting industry, which has been adopted by nearly all publicly traded U.S. companies. How does GAAP work?

Where does GAAP come from?

GAAP is derived from the pronouncements of a series of government-sponsored accounting entities, of which the Financial Accounting Standards Board (FASB) is the latest.

What are the generally accepted accounting principles (GAAP)?

Generally accepted accounting principles (GAAP) refer to a common set of accounting rules, standards, and procedures issued by the Financial Accounting Standards Board (FASB). Public companies in the U.S. must follow GAAP when their accountants compile their financial statements.

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.