GAAP is an acronym for Generally Accepted Accounting Principles, which is the standard guideline and rules that need to be followed in a particular jurisdiction. Many people rely on objective reporting of financial information by companies and other individuals, and the GAAP help ensure that data is unbiased and consistent.
gaap
Who? US publicly traded companies. Non-publicly traded companies may be required to produce a set of financial statements in accordance with GAAP if applying for a loan. Why? GAAP accounting is nothing more than a common set of principals, terminology, etc. It allows for better communication between organizations, stockholders, individuals, etc. For example, with GAAP the term Revenue means the same thing, no misunderstandings. If you did not have a common set of principals you would not be able to compare on company to another.
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GAAP is an acronym for Generally Accepted Accounting Principles
How does GAAP affect financial reporting?
short note on GAAP
In 1992, the Auditing Standards Board established the GAAP hierarchy.
Generally Accepted Accounting Principles, or GAAP, are the standards used by accountants. GAAP ensures that all companies report financial information in a consistent manner.
In Accounting/Finance arena GAAP stands for Generally Accepted Accounting Principals. Eevery company has to balance their books by GAAP standards and regulations.
Generally Accepted Accounting Principles. There are different types of GAAP in todays world. For example, there is U.S. GAAP (generally accepted acccounting principles in the United States) and U.K. GAAP (generally accepted accounting principles in the United Kingdom).
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