Generally accepted accounting principles

(GAAP).

The common set of accounting principles, standards and procedures.

They are a combination of 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
• FASB
• Financial statements
• International Accounting Standards Board
• Pension cost
• Pensions Research Accountants Group
• US GAAP
• FRC