GAAS
Abbreviation with 2 meanings
| Stands for | Generally accepted auditing standards |
|---|---|
| Meanings | 2 |
| Categories | Business & Finance, Arts & Entertainment |
| Also written | GaaS |
GAAS has two meanings. It stands for Generally accepted auditing standards (accounting) or Games as a service (video game).
Meanings of GAAS at a glance
| # | GAAS stands for | Context |
|---|---|---|
| 1 | Generally accepted auditing standards | Business & Finance › Accounting |
| 2 | Games as a service | Arts & Entertainment › Video Game |
1. Generally accepted auditing standards
Business & Finance · Accounting Abbreviations
Standards that auditors in the United States follow when auditing financial statements, covering the auditor's qualifications, how audit work is performed and how results are reported. For private entities they are issued by the AICPA's Auditing Standards Board, while audits of public companies follow PCAOB standards.
Example: The audit firm performed its procedures in accordance with GAAS and issued an unqualified opinion.
GAAS is to auditing what GAAP is to accounting. The AICPA codifies its standards as Statements on Auditing Standards (SAS), which were redrafted in the 2010s to converge with the International Standards on Auditing (ISA). Every auditor's report states which set of standards the audit followed.
2. Games as a service (GaaS)
Arts & Entertainment · Video Game Abbreviations
Model in which a game is updated and monetized continuously for years after release with new seasons, events and content, rather than sold as a finished product. Also called live-service games.
Example: The publisher is betting on GaaS, with three live-service shooters in development.
Destiny, Fortnite and Grand Theft Auto Online are successful examples, while high-profile failures such as Concord (2024) showed the risk of the model. Written with a lowercase a.
Related abbreviations
More accounting abbreviations
- FY – Fiscal year
- FYE – Fiscal year-end
- G&A – General and administrative expenses
- GAAP – Generally accepted accounting principles
- GASB – Governmental Accounting Standards Board
- GL – General ledger
- GM – Gross margin
- GP – Gross profit
See all 95 accounting abbreviations →