The author and editors take ultimate responsibility for the content. Generally accepted accounting principles, or GAAP, is a set of accounting standards followed by most U.S. businesses ...

All public companies in the U.S. are required to use generally accepted accounting principles (GAAP). Financial statements created using these principles are filed on a quarterly basis.

Reviewed by Charlene Rhinehart What Is GAAP? Generally Accepted Accounting Principles, often known by the acronym GAAP, is a set of accounting rules created to govern financial reporting for ...

J.P. Nodier / Getty Images Generally accepted accounting principles (GAAP) require that all inventory reserves be stated and valued using either the cost or the market value method, whichever is ...

While IFRS is commonplace for international companies, the US uses a different set of standards, called generally accepted accounting principles (GAAP), which is established by the Financial ...