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US GAAP is the US’s version of Generally Accepted Accounting Practices, a body of accounting standards and guidances published by the US Securities and Exchange Commission (SEC). 

The goal of the standards is to decrease the disparity in disclosures that companies submit for an apples to apples comparison of financials between entities. Thus, US GAAP includes rules and calculations that companies must follow when reporting financial information. While US GAAP might match US companies, International Financial Reporting Standards (IFRS) are slated to unseat US GAAP as the US’s chosen reporting language for better international comparison, but convergence or adoption has been slow. 

It applies to public companies who adhere to the SEC’s rules so that investors, external stakeholders and the public can compare and evaluate a company’s financial information.

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