Generally Accepted Accounting Principles (GAAP) Experience is the knowledge and skillset acquired by accounting professionals through a combination of work experience and education. Using GAAP as their foundation, these professionals record and report financial information in accordance with US-based standards, while also being able to interpret and explain the elements of such reports. People with this type of experience have an unparalleled understanding of how businesses operate and present their financials, giving them a unique insight into the inner workings of the corporate world.