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Generally accepted accounting principles, or GAAP, are standards that encompass the details, complexities, and legalities of business and corporate accounting. The Financial Accounting Standards Board (FASB) uses GAAP as the foundation for its comprehensive set of approved accounting methods and practices.

GAAP tends to be more rules-based, while IFRS tends to be more principles-based. Under GAAP, companies may have industry-specific rules and guidelines to follow, while IFRS has principles that require judgment and interpretation to determine how they are to be applied in a given situation.

GAAP Accounting Standards describe all of the main accounting regulations for businesses in a way that's easy to understand. GAAP Accounting Standards have generally accepted accounting principles, which are issued by the FASB, define reporting requirements and what must be reported to meet these requirements.

The GAAP Handbook of Policies and Procedures is the most complete and user-friendly source of on-the-job help for applying generally accepted accounting principles in practice.

GAAP, also referred to as US GAAP, is an acronym for Generally Accepted Accounting Principles. This set of guidelines is set by the Financial Accounting Standards Board (FASB) and adhered to by most US companies. IFRS stands for International Financial Reporting Standards.

Specific examples of accounting standards include revenue recognition, asset classification, allowable methods for depreciation, what is considered depreciable, lease classifications, and outstanding share measurement.

The Financial Accounting Standards Board (FASB) provides free online access to the Accounting Standards Codification and is the only authoritative source for US GAAP. A four volume printed set of the Accounting Standards Codification is also available to consult in the library collection.