![]() ![]() While most other countries utilize the IFRS standards, GAAP is mostly employed in the United States.Definition: Generally Accepted Accounting Principles (GAAP) are the conventions, rules, and procedures that define approved accounting practices at a particular time.GAAP's principal goal is to ensure that business financial accounts are accurate, consistent, and comparable.In comparison to GAAP, pro forma accounting is a non-GAAP financial reporting method.The purpose of GAAP is to increase the clarity, consistency, and comparability of financial data. ![]() corporations are required to prepare their financial accounts in accordance with the FASB's set of accounting standards known as GAAP.
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