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Generally Accepted Accounting Principles

Often abbreviated as GAAP, this phrase describes the body of accounting conventions, rules, and procedures that determine appropriate finacial reporting in a given jurisdiction at a particular time. GAAP evolves over time and differs across jurisdictions. It is derived from several sources, including, in the United States, authoritative pronouncement by the Securities and Exchange Commission, the Financial Accounting Standards Board, and professional consensus among public accountants.

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Steven Huddart
Smeal College of Business, Penn State University, University Park, PA 16802-3603 USA
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was last updated on Wed, Oct 7, 2009.
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