Definitions by HB Clone

GUAP 

Generally Unaccepted Accounting Principles, the opposite of GAAP (Generally Accepted Accounting Principles)

If a company decides to do anything that is not GAAP, like managing earnings, they would be following GUAP.

Auditor: They didn't accrue for bad debts so their income is overstated a material amount, that is some serious GUAP!

GUAP by HB Clone August 2, 2011