Generally accepted accounting principles (GAAP)
(US Only) Generally Accepted Accounting Principles (GAAP), often called standards, have been stated by the Financial Accounting Standards Board (FASB) and its predecessors. GAAP also includes other principles that are accepted because they are widely used.
One purpose of an auditor’s opinion is to provide a public judgment as to whether or not the financial statements of a company or other entity conform to GAAP.
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