GAP accounting

Extracted Attributes

• Acronym

  GAAP

• Purpose

  Standardize financial reporting, provide consistent approaches to financial accounting issues (e.g., revenue recognition, expense recognition, financial and non-financial assets, taxes, liabilities, leases, derivatives, mergers and acquisitions)

• Full Name

  Generally Accepted Accounting Principles

• Publication Format

  Extensible Business Reporting Language (XBRL)

• Optional Compliance

  Private companies (especially if considering going public or seeking financing)

• Mandatory Compliance

  U.S. public companies, federal award recipients

• Primary Jurisdiction

  United States

• Regulatory Oversight

  Securities and Exchange Commission (SEC)

• Standardization Document

  Accounting Standards Codification

• Governing Body (Governmental)

  Governmental Accounting Standards Board (GASB)

• Governing Body (Non-Governmental)

  Financial Accounting Standards Board (FASB)

Timeline

• The Financial Accounting Standards Board (FASB) began publishing U.S. GAAP in Extensible Business Reporting Language (XBRL). (Source: Wikipedia, Summary)

  2008

Generally Accepted Accounting Principles (United States)

The Generally Accepted Accounting Principles (GAAP) are the set of default accounting standards used by companies based in the United States. Published and maintained by the Financial Accounting Standards Board (FASB), the Accounting Standards Codification outlines the specific and authoritative rules governing GAAP for non-governmental organisations. GAAP sources of law for government agencies and Securities and Exchange Commission (SEC) registrants are found in federal securities law and SEC directions. Since 2008, the FASB has published U.S. GAAP in Extensible Business Reporting Language (XBRL).

Web Search Results

• Generally Accepted Accounting Principles (GAAP): A Guide for 2025

  Generally Accepted Accounting Principles (GAAP) are the guidelines and standards U.S. public companies must follow in preparing their financial statements and supporting disclosures. They standardize reporting so all public companies share their financial activities in a consistent and accurate way. Private companies aren’t required to comply with GAAP—but some firms decide to do so anyway, especially if they are considering going public in the future or they’re seeking additional financing. [...] ## What Are Generally Accepted Accounting Principles (GAAP)? Created and managed by the Financial Accounting Standards Board (FASB), GAAP provides consistent approaches to a wide range of financial accounting issues. These include: Revenue recognition Expense recognition Financial and non-financial assets Taxes and other liabilities Leases The use of derivatives and hedging Accounting for mergers and acquisitions [...] While GAAP leaves room for interpretation, it provides a common financial accounting framework that helps companies, investors and other stakeholders reliably understand the economic condition of a business and compare it with other businesses. Accounting software makes it easier for companies to incorporate this framework in their business and helps ensure they remain compliant with GAAP and other accounting standards. By automating accounting processes, financial software also improves

• General Accounting Procedures (GAPs) | Finance

  1. 2. Policies, Procedures, and Definitions 3. General Accounting Procedures (GAPs) General Accounting Procedures are tools to assist you in your day to day tasks. A description of the items available on this page is included below. Procedures have been updated to include SAP terminology. If you need more information specific to SAP, please review theAdministrative Systems website. [...] TrainingTraining Technology & SupportResearch Administration TrainingFinance Training OpportunitiesTraining CatalogContact Us General Accounting Procedures (GAPs) Skip to contentIN THIS SECTION Policies, Procedures, and Definitions General Accounting Procedures (GAPs) Departmental Polices & Procedures General Ledger Account Definitions Accounting Codes Overview Payroll Codes & Definitions [...] Published Time: Tue, 16 Sep 2025 06:56:40 GMT General Accounting Procedures (GAPs) | Finance Skip to main Image 1: Duke University FinanceMenu Close Utility menu News & Events Contact Us Image 2: Duke University Finance Primary navigation Departments & Services Departments & ServicesDepartment DirectoryAdministrative Systems ManagementController's DivisionPlanning & Analysis DivisionProcurement & Supply ChainReal Estate DivisionTreasury DivisionFinance Partners Systems

• Understanding GAAP rules - Thomson Reuters

  Established by the Financial Accounting Standards Board (FASB) and the Governmental Accounting Standards Board (GASB), GAAP is a set of standardized accounting rules, requirements, and practices to guide how financial statements are prepared and presented.

• [PDF] Generally Accepted Accounting Principles (GAAP) Guide Sheet

  Adapted from Investopedia How This Applies to Your Grant GAAP are standardized accounting practices utilized in ensuring that financials are accurately recorded and managed. Recipients of federal awards are required to accurately maintain their financial records; hence, they would need to follow GAAP. If an organization is using the accrual method, it must continue using this method, unless it acquires approval from the Internal Revenue Service to switch. Organizations should have appropriate [...] GAAP consists of a common set of accounting rules, requirements, and practices issued by the Financial Accounting Standards Board (FASB) and the Governmental Accounting Standards Board (GASB). GAAP sets out to standardize the classifications, assumptions and procedures used in accounting in industries across the US. The purpose is to provide clear, consistent and comparable information on organizations financials. Why should an organization follow GAAP?

• Gap Inc. - Investor Relations

  The information contained on the External Website includes financial measures not calculated in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”), also known as non-GAAP financial measures. There are limitations in the use of non-GAAP financial measures, and Gap Inc.’s non-GAAP financial measures may not be comparable with the non-GAAP financial measures of other companies. The non-GAAP financial measures of Gap Inc. should be considered supplemental to, and not a [...] The information presented on the External Website is deemed representative at the time of its original release. Changes in historical information may occur due to adjustments in accounting and reporting standards and procedures. Gap Inc. assumes no obligation to publicly update or revise such information, whether as a result of new information, future events, or otherwise. #### Forward-Looking Statements