GAAP definition

Examples of GAAP in a sentence

Certain footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted from this report pursuant to the rules of the SEC.

Part F of Form N-PORT does not include all information and footnotes required by U.S. GAAP for complete financial statements.

U.S. GAAP establishes the three-tier hierarchy which is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes.

See Appendix for a reconciliation of PV-10 to the most directly comparable GAAP financial measure.

Fair Valuation Measurement: FASB established a framework for measuring fair value in accordance with U.S. GAAP.

More Definitions of GAAP

GAAP means generally accepted accounting principles in the United States set forth in the opinions and pronouncements of the Accounting Principles Board and the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or such other principles as may be approved by a significant segment of the accounting profession in the United States, that are applicable to the circumstances as of the date of determination, consistently applied.
GAAP shall have the meaning ascribed to such term in Section 3.1(h).