GAAP (generally accepted accounting principles) is a collection of commonly-followed accounting rules and standards for financial reporting. The acronym is pronounced "gap." GAAP specifications include definitions of concepts and principles, as well as industry-specific rules. Best Coaching for CBSE UGC NET 8 July 2018 https://goo.gl/i34Npu Complete Course for CBSE UGC NET Paper 1 Section 2(2): “Accounting Standards” means the standards of accounting or any addendum thereto for companies or class of companies referred to in section 133; (New Definition in the Companies Act, 2013) The Companies Act, 2013 Section No. Section Name 132 Constitution of National Financial Reporting Authority 133 Central Government to prescribe accounting standards AS TRICKS: After Completing Studies, A wants to start a New Business.... Download PDF Click here 1 AS-1 Disclosure of Accounting POLICIES (IndAs 1) So he makes various Plans...