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Generally Accepted Accounting Principles

Generally Accepted Accounting Principles (GAAP)

Definition

Generally Accepted Accounting Principles (GAAP) — accounting method designed to match revenue and expense on a "going concern" basis—that is, assuming an entity continues in business. The principles are developed by the Financial Accounting Standards Board (FASB). For insurers, the American Institute of Certified Public Accountants (AICPA) publishes Audit and Accounting Guides, applying GAAP to an insurance entity.

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