US GAAP

United States Generally Accepted Accounting Principles.

Sometimes abbreviated to "GAAP", especially in the United States.

Compared with International Financial Reporting Standards (IFRS), US GAAP is generally considered to a more rules based system, compared with the relatively more principles based approach of the IFRS regime.

However, even IFRS comprises a large number of detailed accounting rules.

Over time, differences between US GAAP and IFRS are being reduced.

See also

• Financial Accounting Standard (FAS)
• Generally accepted accounting principles (GAAP)
• Harmonisation
• International Financial Reporting Standards (IFRS)
• Principle
• Principles based
• Rule
• Rules based
• Standard Setting Body
• UK GAAP