GAAP definition

Examples of GAAP in a sentence

  • To maintain its accounting records in accordance with generally accepted accounting principles ("GAAP").

  • GAAP are established by the Financial Accounting Standards Board ("FASB").


More Definitions of GAAP

GAAP shall have the meaning ascribed to such term in Section 3.1(h).
GAAP means generally accepted accounting principles in the United States set forth in the opinions and pronouncements of the Accounting Principles Board and the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or such other principles as may be approved by a significant segment of the accounting profession in the United States, that are applicable to the circumstances as of the date of determination, consistently applied.