What is GAAP?
Generally Accepted Accounting Principles (GAAP) are the body of accounting standards, conventions and rules used in preparing financial statements in the United States. GAAP is set primarily by the Financial Accounting Standards Board (FASB) and is mandatory for public companies and most private companies above defined thresholds.
GAAP is contrasted internationally with International Financial Reporting Standards (IFRS), used in over 140 countries including the EU. Türkiye uses TFRS, which is largely aligned with IFRS. Cross-border startups often maintain both U.S. GAAP and TFRS books.