Accounting
GAAP (Generally Accepted Accounting Principles)
The U.S. standard set of accounting rules used in audited financial statements.
GAAP is set by FASB (Financial Accounting Standards Board) and is the framework for U.S. financial reporting. Public companies and many private companies (audit-required, lender-required, investor-required) follow GAAP.
Smaller private businesses often follow modified GAAP or simply accrual-basis books that don't meet the full standard. Audits and bank covenants can require formal GAAP compliance.
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