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.
BREAKING DOWN 'Accounting Standard'. An accounting standard is a guideline for financial accounting, such as how a firm prepares and presents its business income and expense, assets and liabilities. The Generally Accepted Accounting Principles is comprised of a large group of individual accounting standards.EFINITION of 'Accounting Standard'. A principle that guides and standardizes accounting practices. The Generally Accepted Accounting Principles (GAAP) are a group of accounting standards that are widely accepted as appropriate to the field of accounting.