Startup Terms Glossary
What is GAAP?
GAAP, or general accepted accounting principles, is a set of standards that is used in the accounting industry. These ‘best practices’ help a company or startup organize financial information, summarize accounting records, and ensure regularity and consistency.
Publicly traded companies and those that release financial statements are required by to follow GAAP by US securities law.
GAAP Examples
Examples of GAAP Principles:
- Example 1. Principle of Permanence of Methods
- Example 2. Principle of Non-compensation
- Example 3. Principle of Continuity
- Example 4. Principle of Prudence
- Example 5. Principle of Utmost Good Faith
Here’s a web page about GAAP.
ContractsCounsel is not a law firm, and this post should not be considered and does not contain legal advice. To ensure the information and advice in this post are correct, sufficient, and appropriate for your situation, please consult a licensed attorney. Also, using or accessing ContractsCounsel's site does not create an attorney-client relationship between you and ContractsCounsel.
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Seasoned negotiator, mediator, and attorney providing premier legal advice, services, and representation with backgrounds in the following but not limited to law areas: business/commercial (restaurant & manufacturing), contracts, education, employment, family and matrimonial, healthcare, real estate, and probate & wills/trusts
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Mark A.
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Benjamin M.
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