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 including the International Accounting Standards Board, the FASB in the US, the FRC in the UK and other national accounting boards) and
• The accepted ways of doing accounting.

Sometimes also known as Generally Accepted Accounting Practice.

See also

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