Generally Accepted Accounting Principles. A widely accepted set of rules, conventions,...

Generally Accepted Accounting Principles. Rules, conventions, standards, and procedures that are widely accepted among financial accountants. Since 1973, GAAP doctrine has been established by the Financial Accounting Standards Board (FASB), an independent, self-regulating organization.

generally accepted accounting principals. Accounting treatments that fully conform to established rules from the American Institute of Certified Public Accountants (AICPA). For all nongovernment entities in the United States, GAAP is primarily determined by the Financial Accounting Standards Board (FASB). For state and local government entities in the United States, GAAP is primarily determined by the Government Accounting Standards Board (GASB). Both FASB and GASB function under the auspices of the Financial Accounting Foundation (FAF), an independent, nonprofit foundation.

Authoritative guidelines that define accounting practice at a particular time.