What is another word for generally accepted accounting practices?
Pronunciation: [d͡ʒˈɛnəɹə͡li ɐksˈɛptɪd ɐkˈa͡ʊntɪŋ pɹˈaktɪsɪz] (IPA) 
Generally accepted accounting practices, commonly known as GAAP, is a set of accounting principles and procedures that are recognized and recommended by accounting bodies and regulatory agencies. Other synonyms for the term include generally accepted accounting principles, accounting standards, financial reporting standards, and financial reporting frameworks. These terms serve to guide the preparation and presentation of financial statements and ensure uniformity and consistency in accounting and financial reporting across different organizations and industries. Adhering to GAAP enhances the integrity and reliability of financial information, which is critical for maintaining the trust of stakeholders and making informed business decisions.
