04/04/2012
Generally Accepted Accounting Principles (GAAP)
Generally Accepted Accounting Principles (abbreviated GAAP), are the general rules, regulations and guidelines that are followed in the United States by accountants to ensure their practices are legal and ethical. It sets out the standard for managing accounts, preparing financial statements and accounting methods and techniques. GAAP are issued and governed by the Financial Accounting Standards Board (abbreviated FASB) and the International Accounting Standards Board (IASB) to provide equal and comparable standards the world over.
