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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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