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Generally Accepted Accounting Principles are the common set of accounting principles, standards and procedures that companies use to compile their financial statements. GAAP are a combination of authoritative standards (set by policy boards) and the commonly accepted ways of recording and reporting accounting information. In the United States, as well as other countries practicing English common law system, the government does not set accounting standards, on the theory that the private sector has better knowledge and resources. The GAAP is not written in law, but the U.S. Securities and Exchange Commission (SEC) requires that it be followed in financial reporting by publicly traded companies.
GAAP are imposed on health ...