Part of Speech

Noun

Phonetic Transcription

/bɪɡ ɡæp/

Meaning and Usage

"Big GAAP" refers to "Generally Accepted Accounting Principles" that are applied broadly in the United States and applicable to large public companies. This term is often used in the context of discussions about financial reporting and accounting standards. The phrase contrasts with "Small GAAP," which pertains to simplified accounting standards more suited for smaller companies.

The term "Big GAAP" is primarily found in written contexts, particularly in financial and accounting literature, regulatory documents, and professional discourse surrounding corporate finance. It is less frequently used in spoken conversation among non-accounting professionals.

Example Sentences

1. Companies must ensure compliance with big GAAP when preparing their annual financial statements.
   (Las empresas deben asegurar el cumplimiento de las normas contables grandes al preparar sus estados financieros anuales.)

2. The audit team was well-versed in big GAAP, which allowed them to conduct a thorough review of the financial reports.
   (El equipo de auditoría estaba bien versado en las normas contables grandes, lo que les permitió realizar una revisión exhaustiva de los informes financieros.)

3. The transition from small GAAP to big GAAP can be challenging for smaller firms looking to expand.
   (La transición de las normas contables pequeñas a las grandes puede ser un desafío para las pequeñas empresas que buscan expandirse.)

Idiomatic Expressions

While "Big GAAP" is a term specific to accounting and financial discussions, it doesn't feature prominently in idiomatic expressions in English. However, the principles underlying it can be referenced in more general expressions about compliance and standards in various contexts.

Example Sentences with Related Idioms

1. "To toe the line" on big GAAP ensures that the company stays within regulatory standards.
   (Cumplir con las grandes normas contables asegura que la empresa se mantenga dentro de los estándares regulatorios.)

2. "Playing by the rules" is essential when working with big GAAP to maintain investor confidence.
   (Jugar según las reglas es esencial al trabajar con las grandes normas contables para mantener la confianza de los inversores.)

3. "Keeping a clean slate" is necessary for a firm that adheres to big GAAP in its financial reporting.
   (Mantener un historial limpio es necesario para una empresa que se adhiere a las grandes normas contables en su presentación de informes financieros.)

Etymology

The term "GAAP" originated in the United States accounting system, with "generally accepted" reflecting the widespread acknowledgment of the set principles. The term "big" indicates the application of these principles on a larger, more complex scale typically associated with sizeable public corporations.

Synonyms and Antonyms

Synonyms: - Comprehensive accounting standards - Major accounting principles

Antonyms: - Small GAAP (for smaller enterprises) - Non-GAAP (alternative reporting measures used by some companies)