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Definition: GAAP stands for Generally Accepted Accounting Principles. As the name implies, these principles make up the rules and concepts of financial accounting that are generally accepted in the United States. GAAP is the standard in accounting.What is GAAP and why is it necessary?
GAAP is an acronym for generally accepted accounting principles. It’s a set of accounting rules and standards that allow for uniform preparing of financial reporting - required by law for publicly traded companies.Why to use GAAP?
The reason that GAAP are imposed on company reporting is to ensure that investors have an ascertained level of consistency when analyzing companies for investment purposes. Companies are expected to use GAAP when reporting their financial data via financial statements.