GAPP

Definition of GAPP as it relates to Business, Accounting Principles, Accounting Standards

GAPP, or Generally Accepted Accounting Principles, refers to a set of rules and guidelines used by businesses in the United States when preparing financial statements. GAPP encompasses accounting principles and standards that are designed to ensure consistency and transparency in financial reporting. These principles guide companies in determining which transactions and events should be recorded, how they should be measured and reported, and what information should be disclosed. GAPP is established and governed by the Financial Accounting Standards Board (FASB) and is widely accepted as the standard for financial reporting in the US.

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