Generally accepted accounting principles

• Abbreviated GAAP. A technical accounting term that encompasses the conventions, rules, and procedures necessary to define accepted accounting practice at a particular time.

• The practice, procedure, and standards used to prepare and maintain financial records, reports and statements; authorized by the Canadian Institute of Chartered Accountants (CICA) Handbook.

• The standard guidelines for financial accounting, including rules and standards for summarizing and recording transactions, and for the preparation of financial statements. GAAP accepts various accounting methods, and simply serves as a set of guidelines to help standardize procedures.

 Embedded terms in definition
 Financial statement
 Related Terms
 Accounting earnings
Accounting equation
Accounting exposure
Accounting insolvency
Accounting liquidity
Accounting standards board
Accrual accounting
Average accounting return
Cash accounting
Financial accounting standards board
Purchase accounting
Regulatory accounting procedures
Statement of financial accounting standards no. 52
Statement of financial accounting standards no. 8

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