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1.
stands for: Grazing Area Above Penis
Mike: Dude, Ivik, my GAAP feels like a rusty penny.
Ivik: Oh man I hate when that happens. Its almost worse than an itchy asshole..
Mike: Oh I know it roach. Itchy asshole def sucks a lot, but an itchy GAAP seriously feels worse than getting punched in the spleen by Liam.
Ivik: Liam
Mike: Scotch on the rocks with a lemony twist...
Ivik: Made by Liam
Mike: Let's party DANIIIDE with Crane and our itchy GAAPS.
Ivik: And snuggies
by trotis January 20, 2009
 
2.
stands for: Generally Accepted Accounting Practices
Anyone who works in accounting follows the GAAP
by KingdomGone January 31, 2007
 
3.
Collective noun: All of the people; the general public; "they"
Gaap flock to the supermarket every Saturday morning at exactly 10am.
by Wim Wheed August 27, 2011