Generally accepted accounting principles

From ACT Wiki
Jump to navigationJump to search

(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