abbreviationPronunciationNote that this abbreviation is pronounced as a single word rather than as individual letters. There are many abbreviations used in finance that are also pronounced as words, including the following: CHIPS ( /tʃɪps/)FICO ( /faɪkoʊ/)LIBOR ( /laɪbɔr/)PITI ( /pɪti/)SWIFT ( /swɪft/)
(Finance: Corporate) In the US, GAAP are rules to which financial statements of publicly traded companies must conform. ⇒ Many insurance companies, particularly mutuals, do not report their data in GAAP terms. ⇒ The company needs to refinance a $2.65 billion loan on which it is now in default because its accounts no longer comply with GAAP standards. ⇒ In the US, GAAP are rules to which financial statements of publicly traded companies must conform.
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