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What is US GAAP
US GAAP (Generally Accepted Accounting Principles) is a common set of accounting principles and standards that organizations use to compile their financial statements. They are used primarily in the United States.

US GAAP (also only GAAP) - Generally Accepted Accounting Principles - is a common set of accounting standards and principles that organizations use to compile their financial statements. GAAP is a combination of authoritative standards and commonly used methods for recording and reporting accounting information. This is only a recommended practice. GAAP accounting standards are used primarily in the United States and Canada, where they are issued and updated by FASB - Financial Accounting Standards Board and go through the approval processes.

IAS/IFRS are the accounting standards used in the European Union.

Basic Financial Statements according to US GAAP are:

Related terms and methods:

Related institutions:

Related management field:

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Last update: 30.06.2015

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