Generally Accepted Accounting Principles

Referred to as GAAP, the common set of accounting standards and accounting procedures used for preparing financial reports which are generally accepted either (i) because an authoritative rule-making body has established a principle of accounting/reporting in a specific area or (ii) because over time a given practice has become accepted by the accounting profession as appropriate because of universal application of that practice. (I-5-6; II-1-5, 10-11, 19, 22-23, 25-27, 35, 39-41, 43)

Authorization Path: 2.2.5.2.43.1