Gaap: Stands for generally accepted accounting

GAAP stands for generally accepted accounting principles, which set the standard rules for financial reporting in the U.S. Learn how GAAP works, why it is important, and how it differs from IFRS, the international standard. Generally Accepted Accounting Principles (GAAP) are a standardized set of accounting rules, guidelines, and procedures used in financial reporting. These principles ensure consistency, accuracy, and comparability across financial statements, making it easier for investors, regulators, and businesses to assess financial performance. GAAP is primarily used in the United States and is enforced by regulatory bodies like the Financial Accounting Standards Board (FASB) and the Securities and ... Generally Accepted Accounting Principles (GAAP) are basic accounting principles and guidelines which provide the framework for more detailed and comprehensive accounting rules, standards and other industry-specific accounting practices. Accounting principles are the rules and guidelines that companies must follow when reporting financial data.