What Does GAAP Stand For?
GAAP is the abbreviation for "generally accepted accounting principles". They are the U.S. practice and procedure guidelines used to prepare and maintain financial records and reports and statements. They are authorized by the Financial Accounting Standards Board. Officially established accounting principles consist of FASAB Statements of Federal Financial Accounting Standards (Standards) and Interpretations. FASAB Standards and Interpretations will be periodically incorporated in a publication by the FASAB.
Note If you need professional help with "Financial Statements" or have other tax questions, we can help you find a local licensed CPA for a free, no-obligation consultation.