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Gaa Gad Gag Gai Gal Gam Gan Gap Gar Gas Gat

GAAP accounting (Generally Accepted Accounting Principles)

These principles, as practised in the UK under the Companies Act, require company accounts to give a true and fair view. There are moves towards a globally accepted GAAP for insurance accounting. GAAP is associated with annual accounting, which by 2005 will supersede the three-year accounting system at Lloyd’s to bring them into line with insurance company accounting. See ANNUAL VENTURE.