Generally Accepted Accounting Principles (United States)

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Generally Accepted Accounting Principles (GAAP or U.S. GAAP or GAAP (USA), pronounced like "gap") is the accounting standard adopted by the U.S. Securities and Exchange Commission (SEC)^[1] and is the default accounting standard used by companies based in the United States.

The Financial Accounting Standards Board (FASB) publishes and maintains the Accounting Standards Codification (ASC), which is the single source of authoritative nongovernmental U.S. GAAP.^[2] The FASB published U.S. GAAP in Extensible Business Reporting Language (XBRL) beginning in 2008.