The length of validity for U.S. passports depends on the age of the passport holder when the passport was obtained and the type of passport issued.
What are 'Generally Accepted Accounting Principles - GAAP'. Generally accepted accounting principles (GAAP) are a common set of accounting principles, standards and procedures that companies must follow when they compile their financial statements.
These 10 general principles can help you remember the main mission and direction of the GAAP system. 1  Principle of Regularity The accountant has adhered to GAAP rules and regulations as a standard. 2  Principle of Consistency Professionals commit to applying the same standards throughout the reporting process to prevent errors or discrepancies.