Generally Accepted Accounting Principles (GAAPs)

A common set of rules, standards, principles, practices and procedures that are agreed upon generally and entity must abide by while preparing general purpose financial statements.

Widely referred to as GAAPs may differ from one jurisdiction to another due to differing financial reporting rules, standards and industry practices.

Though GAAPs may be used for discussing financial reporting maters of any jurisdiction under discussion but mostly the term GAAP is used to mean GAAPs applicable in United States.

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