generally accepted accounting principles

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In the USA, the rules, accounting standards, and accounting concepts followed by accountants in measuring, recording, and reporting transactions. There is also a requirement to state whether financial statements conform with GAAP. The equivalent UK term, which has a less precise significance, is generally accepted accounting practice. See Financial Reporting Standard; International Accounting Standard; International Financial Reporting Standard; Statement of Financial Accounting Standards; Statement of Principles; Statement of Standard Accounting Practice.

Subjects: Accounting — Economics.

Reference entries

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