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English definition of “GAAP”


noun [plural] uk   /ɡɑːp/ us  
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 from the Cambridge Advanced Learners Dictionary & Thesaurus © Cambridge University Press)
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