Generally accepted accounting principles

(GAAP).

The common set of accounting principles, standards and procedures.

They are a combination of:

• Law
• Published authoritative standards (set by policy boards such as the FASB in the US and the FRC in the UK) and
• The accepted ways of doing accounting.

Sometimes also known as Generally Accepted Accounting Practice.

See also

• Accounting Council
• Accounting standards
• Covenant
• FASB
• Financial statements
• International Accounting Standards Board
• International GAAP
• Pension cost
• Pensions Research Accountants Group
• US GAAP
• FRC