Generally Accepted Accounting Principles
- *financial statements. GAAP covers the Recognition, *measurement, Reporting, and *disclosure of accounting items, and it is derived from several sources: *financial reporting standards (or *accounting standards), legislation, custom, industry-specific conventions, and the pronouncements of authoritative professional and academic bodies. The importance of each of these elements varies from country to country. For example, in continental Europe legislation has tended to be the main source of GAAP. In the United States, in contrast, legislation has tended to play a less important role: U.S. GAAP derives from the * Statements of Financial Accounting Standards of the *Financial Accounting Standards Board, and the pronouncements and interpretations of professional bodies like the *American Institute of Certified Public Accountants, as well as from law, industry practice, and academic literature. The *harmonization of international GAAP started to gather significant momentum around the turn of the twenty-first century. The countries of the European Union, for example, agreed to adopt the * International Financial Reporting Standards of the international Accounting Standards Board for listed corporation GAAP by 2005.
Auditor's dictionary. 2014.
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Generally Accepted Accounting Principles — (GAAP) is the standard framework of guidelines for financial accounting. It includes the standards, conventions, and rules accountants follow in recording and summarizing transactions, and in the preparation of financial… … Wikipedia
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generally accepted accounting principles — ( GAAP) Accounting treatments that fully conform to established rules from the American Institute of Certified Public Accountants ( AICPA). For all nongovernment entities in the United States, GAAP is primarily determined by the Financial… … Financial and business terms
Generally Accepted Accounting Principles — (GAAP). The conventions, rules and procedures necessary to define accepted accounting practices at a particular time; includes both broad and specific guidelines. The source of such principles is the Financial Accounting Standards Board … Black's law dictionary
Generally Accepted Accounting Principles (UK) — The Generally Accepted Accounting Practice in the UK, or UK GAAP, are the overall body of regulation establishing how company accounts must be prepared in the United Kingdom. This includes not only accounting standards, but also UK company… … Wikipedia
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