In this definition
Identify the reporting framework
Reporting frameworks include US GAAP, IFRS and local GAAP. Confirm which framework applies before comparing recognition, measurement or disclosure requirements.
How it relates to everyday accounting
Accounting policies connect the framework to transaction recording, period-end adjustments and reporting. An accounting process or software package alone does not establish compliance.
US nongovernmental reporting
For US nongovernmental entities, FASB identifies its Accounting Standards Codification as authoritative GAAP apart from SEC requirements. Governmental reporting has different standard setters. See FASB’s standards reference.
Common questions
What Is GAAP in Accounting?
GAAP stands for Generally Accepted Accounting Principles, which are standardized rules and procedures that govern financial reporting in the United States. For US nongovernmental entities, FASB’s Accounting Standards Codification is authoritative apart from SEC requirements; governmental entities use different standard setters.