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TeachMeFinance.com - explain GAAP GAAP -- see generally accepted accounting principles. generally accepted accounting principles (GAAP) -- accounting rules and procedures adopted by the accounting profession to facilitate uniformity in preparing financial statements. ...not to be confused with.... gap -- the difference between the dollar value of assets and liabilities with the same remaining term to maturity and repricing. The gap is usually expressed as a percentage of assets. About the author Mark McCracken Author: Mark McCracken is a corporate trainer and author living in Higashi Osaka, Japan. He is the author of thousands of online articles as well as the Business English textbook, "25 Business Skills in English". Copyright © 2005 by Mark McCracken, All Rights Reserved. TeachMeFinance.com is an informational website, and should not be used as a substitute for professional financial or legal advice. TeachMeFinance.com and its owner recommend consultation with a professional financial advisor prior to any investment or financial decision. Please read our disclaimer.