Generally Accepted Accounting Principles. A widely accepted set of rules, conventions, standards, and procedures for reporting financial information, as established by the Financial Accounting Standards Board.

Use GAAP in a sentence

If you want to make things easier for any new hires then you should always use GAAP when keeping your records.

​ Was this Helpful? YES  NO 3 people found this helpful.

You should always use the GAAP so that anyone who looks over your records will be able to quickly figure them out.

​ Was this Helpful? YES  NO 4 people found this helpful.

When my company wanted to hire a new accountant, we made sure to hire someone who understood the new rules for accounting and had a strong grasp of GAAP so we would not have to train them on the job.

​ Was this Helpful? YES  NO 9 people found this helpful.

Show more usage examples...

Mentioned in these terms

Browse by Letter: # A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
comfort letter FASB