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Definition of

GAAP

Accounting abbr

guidelines relating to fair accounting practices Generally Accepted Accounting Principles: a summary of best practice in respect to the form and content of financial statements and auditor's reports, and of accounting policies and disclosures adopted for the preparation of financial information. GAAP does not have any statutory or regulatory authority in the United Kingdom, unlike in a number of other countries such as the United States and Canada.

Definitions of ’GAAP’ and meaning of ’GAAP’ are from the book publication, QFINANCE – The Ultimate Resource, © 2009 Bloomsbury Information Ltd. Find definitions for ’GAAP’ and other financial terms with our online QFINANCE Financial Dictionary.

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