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Generally Accepted Accounting Principles (United States)
Generally Accepted Accounting Principles
, also called
GAAP
or
US GAAP
, are the
generally accepted accounting principles
adopted by the
U.S. Securities and Exchange Commission
(SEC). While the SEC has stated that it intends to move from US GAAP to the
International Financial Reporting Standards
(IFRS), the latter differ considerably from GAAP and progress has been slow and uncertain.
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