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Definition of “GAAP” - English Dictionary

"GAAP" in British English

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(Definition of GAAP from the Cambridge Advanced Learners Dictionary & Thesaurus © Cambridge University Press)

"GAAP" in Business English

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GAAPnoun [plural]

uk   us   /ɡɑːp/ ACCOUNTING
abbreviation for Generally Accepted Accounting Principles: in the US, the ​rules that ​companies must ​follow when preparing ​financialaccounts and ​reports: Under GAAP, ​revenue from a ​softwaresale 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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