The difference between generally accepted accounting principles (GAAP) and specifically accepted accounting principles concerns the degree of authority each possesses.

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Generally Accepted Accounting Principles (GAAP) refer to a common set of accounting principles, standards, and procedures that companies must follow when they compile their financial statements. There is no category known as "specifically accepted accounting principles." The distinction is usually between GAAP and other frameworks, such as the International Financial Reporting Standards (IFRS), not about the degree of authority.

The Difference Between Generally Accepted Accounting Principles (GAAP) and Specifically