GAAP

GAAP is an acronym for Generally Accepted Accounting Principles it is Issued accepted principles of Accounting and Financial Reporting standards defind and set by The Financial Accounting Standards Board (FASB)

GAAP refers to Generally Accepted Accounting Principles—an established framework of accounting rules and reporting standards used to prepare consistent financial statements (e.g., U.S. GAAP).

- Used to explain the concept in accounting and business contexts.
- Used when training staff or documenting procedures and policies.

- Example: Teams reference **GAAP** when defining terms in manuals, policies, or training materials.

- Why it matters: Improves clarity and consistency across documentation and decision-making.