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Definition: GAAP

GAAP is an acronym used for Generally Accepted Accounting Principles. It is a set of accounting principles, standards and procedures that are used by companies to prepare their financial statements. They have been prepared by the Financial Accounting Standards Board.

Some of the rules are in accordance with regulatory policies and some rules are those which have been accepted over a period of time as the way to represent transactions. GAAP provides a consistent framework to compare the financials of different companies.

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