Generally Accepted Accounting Principles

Generally Accepted Accounting Principles or GAAP refers to two sets of principles, one for the United States and the other for the United Kingdom.

A full open content treatment of GAAP can be found in the GFDL corpus and at en: wikipedia: GAAP. That is a general, publicly editable, guide.

The use of GAAP by both industry and government is one of the crucial underpinnings of reform of any kind. Without major accounting reform, for instance, any kind of full cost accounting is unlikely, difficult or impossible.

[+] capital vs. operating in the public accounts

[+] protects investors

[+] doesn't address sustainability

[+] externalizing harm

[+] extraction, stewardship, waste