Generally Accepted Accounting Principles GAAP
Generally Accepted Accounting Principles are an accounting method designed to match revenue and expense on a "going concern" basis—that is, assuming an entity continues in business.
Additional Information
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.
