What is GAAP?

Definition of GAAP

GAAP is the acronym for generally accepted accounting principles. In the U.S., GAAP consists of the following:

GAAP must be adhered to when a company distributes its financial statements to anyone outside of the company. If a corporation's stock is publicly traded, the financial statements must also comply with the rules of the U.S. Securities and Exchange Commission (SEC). This includes having its financial statements audited by an independent, registered CPA firm.

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