Accounting treatments that fully conform to established rules from the American Institute of Certified Public Accountants (AICPA). For all nongovernment entities in the United States, GAAP is primarily determined by the Financial Accounting Standards Board (FASB). For state and local government entities in the United States, GAAP is primarily determined by the Government Accounting Standards Board (GASB). Both FASB and GASB function under the auspices of the Financial Accounting Foundation (FAF), an independent, nonprofit foundation.

An accounting method used by companies to report their financial information.

Accounting standards and practices established by recognized standard setting bodies, or through general practice.