There’s GAAP and then there’s GAAAP

by Dave on April 14, 2009

When I was in my graduate finance program many years ago, the accounting professors told us that the meaning of the acronym GAAP was Generally Accepted Accounting Principles.  When I took my class in financial statements analysis two years later, the professor laid out his case that GAAP meant Generally Anything At All Possible (our case studies more than proved it).

I know which meaning I believe.

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