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Generally Accepted Accounting Principles Generally Accepted Accounting Principles (GAAP) is the standard framework of guidelines for financial accounting. It includes the standards, conventions, and rules Accountants follow in recording and summarizing transactions, and in the preparation of financial statements. One key aspect of GAAP is an emphasis of "general" as a conceptual realization of variables in method. Far from suggesting that all accounting exercises employ the same method and generate the same results, GAAP accommodates variation in applied accounting methods as long as the methods generally adhere to this set of principles, which are more broad than specific. Pursuant to the foregoing, not only therefore does this provide for variation in method, the natural conclusion is GAAP creates an environment in which financial reporting results can vary depending on purpose. One company in one fiscal year can produce different reports, all completed within GAAP, for different audiences or different purposes, and all these reports can be considered correct.

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โˆ™ 2008-06-12 11:13:46
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Q: What is gaap?
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Related Questions

Where GAAP is implementing in Pakistan?


What does the Afrikaans slang word 'gaap' mean?

Gaap is "yawn" or "the act of yawning" in English. It depends on the structure of the sentence.

Short note of accounting standards and GAAP?

short note on GAAP

How does GAAP affect financial reporting?

How does GAAP affect financial reporting?

What do you mean by gaap?

GAAP is an acronym for Generally Accepted Accounting Principles

What is Pakistani GAAP?

ugly people need gaap to look nicer

When was GAAP established?

In 1992, the Auditing Standards Board established the GAAP hierarchy.

Importance of gaap?

The gaap principles are a standard framework for the reporting of financial information. The purpose of gaap is to make financial information easy to understand for individuals and businesses. Financial reporting methods can have an impact on the interpretation of results. Gaap eliminates confusion.

Full form of GAAP?

In Accounting/Finance arena GAAP stands for Generally Accepted Accounting Principals. Eevery company has to balance their books by GAAP standards and regulations.

What is the purpose of GAAP?

Generally Accepted Accounting Principles, or GAAP, are the standards used by accountants. GAAP ensures that all companies report financial information in a consistent manner.

What does GAAP stands for?

Generally Accepted Accounting Principles. There are different types of GAAP in todays world. For example, there is U.S. GAAP (generally accepted acccounting principles in the United States) and U.K. GAAP (generally accepted accounting principles in the United Kingdom).

Who can issue disclosure requirements for companies under its jurisdiction that may exceed gaap?

Sec, gaap,

What does the acronym GAAP stand for?

GAAP is an acronym for Generally Accepted Accounting Principles. GAAP is a series of basic rules accepted by those within the accounting community to perform accounting tasks.

What is the XBRL term for sales and for gross profit?

It depends which GAAP you are referring to. The answer would be different for US GAAP, Canadian GAAP or IFRS. If you mean US GAAP, you can look it up at - the answer(s) would probably be SalesRevenueNet and GrossProfit, respectively.

What is the resolution between Gaap the divine soldier and Swords of Concealing Lights?

If Gaap is controlled by the opponent, then Gaap and the opponent's other cards will be flipped face-down. Gaap only prevents manual battle position changes, not ones from an effect. If Gaap is controlled by the player who activated Swords of Concealing Light, the opponent's monsters will be flipped face-down. Gaap will then return them to face-up attack mode as per his continuous effect. Again, the restriction against changing battle positions only applies to manual changes, not changes by effect. Swords of Concealing Light will not stop Gaap from switching them.

What is the importance of GAAP?

GAAP allows for the fair comparison of accounting information. GAAP allows the work of the accountant to be scrutinized and analyzed on an even level with other similar firms. It allows for greater transparency in accounting practices.

What does non-GAAP mean?

GAAP stands for Generally Accepted Accounting Principles. Non-GAAP means that the financial statements or financial measures have been prepared on a basis other than those generally accepted.

How many multinationals use us gaap?

The exact number keeps changing but i can tell you that the IFRS and IAS are made so as to be in line with US GAAP. So, any country following them will definitely be in line with US GAAP.

Is depreciation half year convention GAAP?

No. Half life is a tax concept only. It has nothing to do with GAAP. People get confused... don't be one of them.

Is cash flow statement required by GAAP?

Yes Cash flow statement is required by GAAP and IAS (international accounting standards) as well.

What are the differences of commercial accounting and GAAP?

commercial accounting is good and GAAP stands for "gay and am proud", so i would be careful if your going to join

Financial accounting theories in practice?


Is accrual accounting GAAP or IFRS?


How do you record a refund accorrding to GAAP?

GAAP requires that refunds that are adjustments of amounts previously paid be credited to the expense account where the original purchase was posted.

How does GAAP affect business?

GAAP helps businesses remain compliant when it comes to reporting their financials. Businesses are able to be more consistent, which improves transparency.