GENERALLY ACCEPTED ACCOUNTING PRINCIPLES

generally accepted accounting principles.The conventions, rules, and procedures that define

approved ac-counting practices at a particular time. • These principles are issued by the Financial

Accounting Standards Board for use by accountants in preparing financial statements. The

principles include not only broad guidelines of general application but also detailed practices and

procedures. — Abbr. GAAP. — Also termed generally accepted accountancy principles. [Blacks Law 8^th]