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GENERALLY ACCEPTED ACCOUNTING PRINCIPLES

Statistics Directorate    
Definition:
The accounting rules used to prepare financial statements for publicly traded companies and many private companies in the United States.

Context:
Generally accepted accounting principles (GAAP) for local and state governments operate under a different set of assumptions, principles, and constraints, as determined by the Governmental Accounting Standards Board (GASB). Currently, the Financial Accounting Standards Board (FASB) sets accounting principles for the profession. The US GAAP provisions differ somewhat from International Financial Reporting Standards, though efforts are under way to reconcile the differences.

Source Publication:
IMF, 2007, Manual on Fiscal Transparency, IMF, Washington DC, Glossary.

Statistical Theme: Financial statistics

Created on Monday, July 23, 2007

Last updated on Monday, July 23, 2007