generally accepted accounting principles

Noun

Meaning

a collection of rules and procedures and conventions that define accepted accounting practice; includes broad guidelines as well as detailed procedures

Source: WordNet

Synonyms

GAAP

Hypernyms

collection accumulation aggregation assemblage

Examples

Adjusted Net Revenues and Adjusted EBITDA should be considered in addition to, not as a substitute for, or superior to, financial measures calculated in accordance with Generally Accepted Accounting Principles in the United States (“GAAP”). Source: Internet

EY said that its last audit of Lehman Brothers was for the fiscal year ending 30 November 2007 and that Lehman’s financial statements were fairly presented in accordance with Generally Accepted Accounting Principles. Source: Internet

However, recent developments in Generally Accepted Accounting Principles have led academic critics to accuse the international standard-setting body IASB of abandoning prudence. Source: Internet

Close letter words and terms

generally accept generally accepted generally accepted accounting practices generally accord generally admit generally adopted