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English definition of “GAAP”

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 from the Cambridge Business English Dictionary © Cambridge University Press)
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