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English definition of “GAAP”

GAAP

noun [plural] /ɡɑːp/
abbreviation for Generally Accepted Accounting Principles: the rules that companies must follow when they give financial information: Under US GAAP accounting rules, the company's earnings fell to a $1.1 billion loss.Accounting
(Definition of GAAP noun from the Cambridge Advanced Learner's Dictionary & Thesaurus © Cambridge University Press)

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