Example sentences for: gaap

How can you use “gaap” in a sentence? Here are some example sentences to help you improve your vocabulary:

  • The hierarchy of generally accepted accounting principles4 (GAAP) governs what constitutes GAAP for all U.S. government reporting entities.

  • The following hierarchy5 determines GAAP for U.S. government reporting entities beginning in fiscal year 1998:

  • While many of the standards comprising Federal GAAP have already been made effective, three of those standards will not be effective until fiscal year 1998.

  • If these differences are material, the standards constituting Federal GAAP should be applied for purposes of including the components in entity-wide statements.

  • In 1996, through the joint efforts of the Treasury, OMB, and GAO, a body of generally accepted accounting principles (GAAP) covering most transactions was promulgated for the Federal government.


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