Meaning of “GAAP” in the English Dictionary


"GAAP" in Business English

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GAAPnoun [ plural ]

/ɡɑːp/ uk us 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.
in accordance/conformity with GAAP

(Definition of “GAAP” from the Cambridge Business English Dictionary © Cambridge University Press)