Generally Accepted Accounting Principles
plural noun

a summary of best practice in respect of the form and content of financial statements and auditor's reports, and of accounting policies and disclosures adopted for the preparation of financial information. GAAP does not have any statutory or regulatory authority in the United Kingdom, unlike in a number of other countries where the term is in use, such as the United States, Canada.

Abbreviation GAAP
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European Economic and Monetary Union