GAAP

Generally Accepted Accounting Principles

GAAP is a set of accounting standards and rules used for financial reporting in the United States. It promotes consistency and comparability across financial statements and is often contrasted with IFRS.

GAAP is established by the Financial Accounting Standards Board (FASB). Public companies in the U.S. are required to follow GAAP. Public companies follow GAAP with SOX controls and audits by a CPA.

Related Terms

IFRS

International Financial Reporting Standards

IFRS is a set of global accounting standards used by many countries outside the United States. It ai...

CPA

Certified Public Accountant

A CPA is a professional designation for accountants who have passed the Uniform CPA Examination and ...

Balance Sheet

A balance sheet is a financial statement that reports a company's assets, liabilities, and sharehold...

Income Statement

An income statement is a financial statement that summarizes revenue, expenses, and profit over a sp...

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