Then there is the fact that not all municipalities use generally accepted accounting rules (GAAP).

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How big would the federal debt be if it were reported under Generally Accepted Accounting Principles (GAAP)?

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The U.S. uses Generally Accepted Accounting Principles (GAAP), which are deemed to have a relatively high standard.

FORBES: Going Global With Accounting

For one thing, American stock exchanges cannot list the shares of overseas companies that do not follow America's generally accepted accounting principles (GAAP).

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The prospects and desirability of convergence between U.S. Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS) have been much debated, but the SEC has not yet decided whether and how to proceed.

FORBES: U.S. Exceptionalism and Accounting Standards: Investors' Viewpoint

Summary: Although convergence between US generally accepted accounting principles (GAAP) and International Financial Reporting Standards (IFRS) has been the subject of much debate and collaborative effort, it is still unclear when the US Securities and Exchange Commission (SEC) will make a determination about how to proceed, or what its final decision is likely to be.

FORBES: Finance

Earnings, on an adjusted basis, rose to 83 cents per share, from 74 cents per share, but sunk to 9 cents per share, from 67 cents per share, when measured by Generally Accepted Accounting Principals, or GAAP.

FORBES

In order to provide comparability with the results of other US wireless carriers, all financial amounts are in US dollars and are based on accounting principles generally accepted in the United States ("GAAP").

ENGADGET: T-Mobile lost more customers in Q4, will launch LTE in 2013 with AWS spectrum from AT&T