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Dictionary by pitch.dog
Accounting policy, GAAP & adjustments · Core

Generally accepted accounting principles

Also called: GAAP

ELI5

The authoritative accounting framework applicable in a jurisdiction, such as US GAAP.

Used in conversation

“Counsel wants generally accepted accounting principles clarified before anyone signs.”

Pitch context

You will see “Generally accepted accounting principles” in financial models, budgets, board packs and investor materials when the discussion reaches accounting policy, gaap & adjustments.

Why it matters: In accounting policy, gaap & adjustments, a loose definition can change rights, obligations, approval, disclosure or enforceability.

Caution

Meaning, enforceability and required process vary by jurisdiction and agreement; this definition is not legal advice.

Connected terms

  • Non-GAAP measureGAAP is the governing accounting framework; a non-GAAP measure adjusts or supplements measures under that framework and needs clear reconciliation and labelling.
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Sources & evidence · 4

Direct term-level sources and supporting source families.