### Question
How does the law define Generally Accepted Accounting Principles?


### Answer
Under *19 U.S.C. § 3332*, **Generally Accepted Accounting Principles** is defined as:

> the recognized consensus or substantial authoritative support in the territory of a NAFTA country with respect to the recording of revenues, expenses, costs, assets and liabilities, disclosure of information, and preparation of financial statements

#### Citation:
  - *19 U.S.C. § 3332*
  - Heading: **CHAPTER 21-NORTH AMERICAN FREE TRADE > SUBCHAPTER II-CUSTOMS PROVISIONS**

