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.

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 ...