GAAP Definition

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GAAP is Generally Accepted Accounting Principles or Generally Accepted Accounting Procedures (less common).

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ASSURANCE has been defined by the American Institute of Certified Public Accountants (AICPA) as "Independent Professional Services that improve information quality or its context". Such services are very broad and could include assessments of various industries, e.g., Internet security or quality of health facilities.

CONTINUITY ASSUMPTION see GOING CONCERN CONCEPT.

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