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Home > QFINANCE Dictionary > Definition of Generally Accepted Accounting Principles

Definition of

Generally Accepted Accounting Principles

Accounting

guidelines relating to fair accounting practices a summary of best practice in respect to the form and content of financial statements and auditors' reports, and of accounting policies and disclosures adopted for the preparation of financial information. GAAP has statutory or regulatory authority in the United States and Canada and some other countries, but not in the United Kingdom.

Related definitions of "Generally Accepted Accounting Principles"

Recommended Further Reading (Term count)
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Definitions of ’Generally Accepted Accounting Principles’ and meaning of ’Generally Accepted Accounting Principles’ are from the book publication, QFINANCE – The Ultimate Resource, © 2009 Bloomsbury Information Ltd. Find definitions for ’Generally Accepted Accounting Principles’ and other financial terms with our online QFINANCE Financial Dictionary.

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