Generally Accepted Accounting Principles Definitions

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Generally Accepted Accounting Principles (GAAP)

Investopedia.com:
The common set of accounting principles, standards and procedures that companies use to compile their financial statements. GAAP are a combination of authoritative standards (set by policy boards) and simply the commonly accepted ways of recording and reporting accounting information.

About.com:
The Generally Accepted Accounting Principles, or GAAP for short, are a set of accounting rules used to standardize the reporting of financial statements in the United States. Understanding GAAP can help you make better investing decisions.

Thefreedictionary.com:
A collection of rules and procedures and conventions that define accepted accounting practice; includes broad guidelines as well as detailed procedures.

BusinessDictionary.com:
Authoritative rules, practices, and conventions meant toprovide both broad guidelines and detailed procedures for preparing financial statements and handling specific accounting situations.

Generally accepted accounting principles (GAAP) provide objective standards for judging and comparing financialdata and its presentation, and limit the directors' freedomin showing an unrealistic picture through creative accounting. An auditor must certify that the provisions of GAAP have been followed in reporting an organization'sfinancial data in order it to be accepted by investors, lenders, and tax authorities. Most developed countries (Canada, India, Japan, UK, US, etc.) have their own GAAP which may differ from those of others in minor or major details. See also accounting.

DictionaryFinance.com:

Generally Accepted Accounting Principals (GAAP) A technical accounting term that encompasses the conventions, rules, and procedures necessary to define accepted accounting practice at a particular time.