Difference between gaap and GAAP

GAAP

Generally Accepted Accounting Principles (GAAP) are fiat-based code-law criteria.

Gaap

Generally accepted accounting principles (gaap) are market-based common-law criteria, under which individuals are held to widely accepted standards of behavior.


To what extent are the accounting standards promulgated by the FASB a codification of what constitutes generally accepted accounting principles ( a market-based common-law criterion, under which individuals are held to widely accepted standards of behavior ) as distinct from Generally Accepted Accounting Principles ( a fiat-based code-law criterion) ? 

Ball R 2008 What is the Actual Economic Role of Financial Reporting? Accounting Horizons, Vol 22, No 4, p4

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