GAAP

I. Formal Definition

Generally Accepted Accounting Principles, the body of accounting standards, conventions, and rules used to prepare financial statements in the United States. GAAP is established and updated by the Financial Accounting Standards Board for non-governmental entities. The federation requires US-domiciled members reporting in GAAP to identify the version applied, footnote any departures, and reconcile non-GAAP measures to the corresponding GAAP figure under UFMS-001:5.1. Cross-jurisdictional members operating in both GAAP and IFRS regimes maintain reconciliation tables in their accreditation evidence.

II. Etymology

An acronym formalised in the post-war American accounting profession; the underlying principles draw from older Anglo-American accounting traditions of the nineteenth and twentieth centuries.

III. Federation Usage

Federation members reporting in GAAP identify the standard version and footnote departures. Non-GAAP measures reconcile to GAAP. Cross-jurisdictional members maintain GAAP-IFRS reconciliations under MEV-Annex:6.1 reviewed at the steward tier accreditation.

IV. Related Terms

• ifrs
• accrual-accounting
• double-entry
• p-and-l

V. Authoritative Citations

• UFMS-001:5.1UFMS Article V - Standards
• MEV-Annex:6.1MEV Annex VI - GAAP Compliance

VI. Citation in BibTeX

@misc{ifo4_glossary_gaap,
  title        = {{GAAP}},
  author       = {{IFO4 Federation Editorial Board}},
  howpublished = {{IFO4 Federation Glossary, slug \texttt{gaap}}},
  year         = {2026},
  url          = {https://ifo4.org/glossary/gaap},
  note         = {Category: Accounting; key: GAAP}
}

VII. Challenge This Definition

Federation members and accredited practitioners may challenge any entry under TGS-002:1.7. Filed challenges are routed to the editorial board, triaged into the revision register, and resolved in writing on the public docket. The slug remains stable through any revision.