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What is GAAP?

April 26, 2017GAAP

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What is GAAP?

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GAAP (Generally Accepted Accounting Principles) refers to accounting practices which are permissible by the accounting profession or which are legitimate in the circumstances under which it has been applied. GAAP encompasses the conventions, rules and procedures necessary to define accepted accounting practices at a particular time.

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Posted

GAAP (Generally Accepted Accounting Principles) refers to accounting practices which are permissible by the accounting profession or which are legitimate in the circumstances under which it has been applied. GAAP encompasses the conventions, rules and procedures necessary to define accepted accounting practices at a particular time.