Construction Accounting GAAP, or Generally Accepted Accounting Principles, is the set of standards and procedures used by financial professionals when preparing financial statements for clients in the construction industry. It’s a crucial element for properly managing risk and ensuring that projects get completed on schedule and within budget. Construction Accounting GAAP allows companies to keep track of their complex financial affairs in an efficient manner, from keeping close tabs on project costs and profitability to understanding potential legal implications and compliance issues. By employing sound accounting principles, contractors can make sure their bottom line is on track and ensure that their projects are successful.