The authoritative framework of accounting standards, principles, and reporting practices used to prepare financial statements in the United States. Generally Accepted Accounting Principles (GAAP) are established primarily by the Financial Accounting Standards Board (FASB) and are designed to ensure financial information is consistent, reliable, transparent, and comparable across organizations. In government contracting, GAAP provides the foundation for financial reporting, while contract costing and reimbursement must also comply with the Federal Acquisition Regulation (FAR) and, when applicable, Cost Accounting Standards (CAS). Adherence to GAAP helps organizations produce accurate financial statements and maintain sound financial management practices.
Generally Accepted Accounting Principles (GAAP)
The authoritative US framework of accounting standards ensuring financial statements are consistent, reliable, and comparable.
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Related Glossary Terms
The official compilation of permanent U.S. federal laws, providing the statutory basis for many contracting requirements.
A global classification system used to categorize products and services for procurement and spend analysis.
A unique 12-character identifier assigned via SAM.gov to organizations doing business with the federal government, replacing the DUNS number.
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