Generally accepted accounting principles,or GAAP,are the rules and procedures established by the Securities and Exchange Commission.

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Generally accepted accounting principles, or GAAP, are the rules and procedures established by the Financial Accounting Standards Board (FASB) and the Governmental Accounting Standards Board (GASB), not the Securities and Exchange Commission (SEC). The SEC does enforce the use of GAAP by publicly traded companies.

Generally Accepted Accounting Principles,or GAAP,are the Rules and Procedures Established