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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 be a relatively 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