What Does Generally Accepted Accounting Principles Mean?

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What does Generally Accepted Accounting Principles mean? Read on to discover the definition & meaning of the term Generally Accepted Accounting Principles - to help you better understand the language used in insurance policies.

Generally Accepted Accounting Principles

Generally Accepted Accounting Principles

(GAAP) is an 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.

We hope the you have a better understanding of the meaning of Generally Accepted Accounting Principles.

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