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English definition of “GAAP”


noun [plural]     /ɡɑːp/ ACCOUNTING
abbreviation for Generally Accepted Accounting Principles : in the US, the rules that companies must follow when preparing financial accounts and reports : Under GAAP, revenue from a software sale should not be recognized until a copy of the software has been delivered to the customer . mandated / required by GAAP in accordance / conformity with GAAP
(Definition of GAAP noun from the Cambridge Business English Dictionary © Cambridge University Press)
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