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Extreme Veteran Posts: 310  | ?? Generally accepted accounting principles (or GAAP) are the "ground rules" for financial 232 reporting. These principles provide the general frame-work determining what information is included in financial statements and how this information is to be presented. The phrase "generally accepted accounting principles" encompasses the basic objectives of financial reporting Adam Thielen Vikings Jersey , as well as numerous broad concepts and many detailed rules. Thus, such terms as objectives, standards, concepts, assumptions, methods, and rules often are used in describing specific generally accepted accounting "principles". The Nature of Accounting Principles Accounting principles are not like physical laws Matt Asiata Vikings Jersey , they do not exist in nature awaiting discovery. Rather, they are developed by people, in light of what we consider to be the most important objectives of financial reporting. 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