Generally Accepted Accounting Principles GAAP

{
  "id": "MLC-T-INS-001641",
  "term": "Generally Accepted Accounting Principles GAAP",
  "field": "Insurance and risk management",
  "definition": "A common set of accounting principles, standards, and procedures issued by the Financial Accounting Standards Board (FASB) that companies use to compile their financial statements. These principles aim to improve the clarity, consistency, and comparability of financial reporting. Publicly traded companies in the United States must adhere to GAAP in their financial disclosures.",
  "url": "https://mlchart.com/terminology/insurance/generally-accepted-accounting-principles-gaap/"
}