GAAP

Definition of GAAP

Generally Accepted Accounting Practice (GAAP) signifies all the rules, from whatever source (company law, local and international standards and other statutory requirements), which govern accounting.

Most countries have their own GAAP, although generally - local and international accounting standards are in the process of converging.

See also

• Accounting Regulation
• FRS
• IFRS
• SARBOX
• SSAP

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