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Generally Accepted Principles And Practices (GAPP)

What is 'Generally Accepted Principles And Practices - GAPP'

Standardized business procedures related to the operation of sovereign wealth funds (SWFs). The generally accepted principles and practices (GAPP), agreed upon by 23 countries with SWFs in October 2008, state that SWFs will pursue financial, rather than political, agendas. What's more, SWFs abiding by the GAPP vow to make their objectives, investment practices and structures transparent to all.


Also known as known as the Santiago Principles.

Explaining 'Generally Accepted Principles And Practices - GAPP'

SWFs are defined as "special purpose investment funds or arrangements, owned by the general government" and are designed to "hold, manage or administer assets to achieve financial objectives." The 24 Santiago Principles simply provide a framework for this in three key areas: legal, institutional, and investment and risk.


Furthermore, the International Working Group (IWG), which drafted the Principles, has agreed to consider ways to monitor progress and refine the Principles as new needs and challenges arise.


Further Reading


Institutional theory and accounting rule choice: an analysis of four US state governments' decisions to adopt generally accepted accounting principles
www.sciencedirect.com [PDF]
… CODIFICATION TAXONOMY Topic # and title General Principles and Objectives 105 Generally Accepted Accounting Principles 110 Conceptual … Contracts That Do Not Transfer Insurance Risk 350-10 Overall 350-20 Goodwill 350-30 General Intangibles other than …

Earnings management under German GAAP versus IFRSEarnings management under German GAAP versus IFRS
www.tandfonline.com [PDF]
… CODIFICATION TAXONOMY Topic # and title General Principles and Objectives 105 Generally Accepted Accounting Principles 110 Conceptual … Contracts That Do Not Transfer Insurance Risk 350-10 Overall 350-20 Goodwill 350-30 General Intangibles other than …

International GAAP differences: The impact on foreign analystsInternational GAAP differences: The impact on foreign analysts
meridian.allenpress.com [PDF]
… CODIFICATION TAXONOMY Topic # and title General Principles and Objectives 105 Generally Accepted Accounting Principles 110 Conceptual … Contracts That Do Not Transfer Insurance Risk 350-10 Overall 350-20 Goodwill 350-30 General Intangibles other than …

The drivers, consequences and policy implications of non-GAAP earnings reportingThe drivers, consequences and policy implications of non-GAAP earnings reporting
www.tandfonline.com [PDF]
… CODIFICATION TAXONOMY Topic # and title General Principles and Objectives 105 Generally Accepted Accounting Principles 110 Conceptual … Contracts That Do Not Transfer Insurance Risk 350-10 Overall 350-20 Goodwill 350-30 General Intangibles other than …

The 'Santiago Principles' for Sovereign Wealth Funds: A Case Study on International Financial Standard-Setting ProcessesThe 'Santiago Principles' for Sovereign Wealth Funds: A Case Study on International Financial Standard-Setting Processes
academic.oup.com [PDF]
… CODIFICATION TAXONOMY Topic # and title General Principles and Objectives 105 Generally Accepted Accounting Principles 110 Conceptual … Contracts That Do Not Transfer Insurance Risk 350-10 Overall 350-20 Goodwill 350-30 General Intangibles other than …

The political economy of sovereign wealth fundsThe political economy of sovereign wealth funds
link.springer.com [PDF]
… CODIFICATION TAXONOMY Topic # and title General Principles and Objectives 105 Generally Accepted Accounting Principles 110 Conceptual … Contracts That Do Not Transfer Insurance Risk 350-10 Overall 350-20 Goodwill 350-30 General Intangibles other than …

Instituting a transnational accountability regime: The case of sovereign wealth funds and “GAPP”Instituting a transnational accountability regime: The case of sovereign wealth funds and “GAPP”
www.sciencedirect.com [PDF]
… CODIFICATION TAXONOMY Topic # and title General Principles and Objectives 105 Generally Accepted Accounting Principles 110 Conceptual … Contracts That Do Not Transfer Insurance Risk 350-10 Overall 350-20 Goodwill 350-30 General Intangibles other than …

Misplaced fears put to rest: Financial crisis reveals the true motives of sovereign wealth fundsMisplaced fears put to rest: Financial crisis reveals the true motives of sovereign wealth funds
heinonline.org [PDF]
… CODIFICATION TAXONOMY Topic # and title General Principles and Objectives 105 Generally Accepted Accounting Principles 110 Conceptual … Contracts That Do Not Transfer Insurance Risk 350-10 Overall 350-20 Goodwill 350-30 General Intangibles other than …



Q&A About Generally Accepted Principles And Practices (GAPP)


How many countries have SWFs according to this article?

23 countries with SWFs signed on to these Santiago Principles.

Why did these 23 countries create the Santiago Principles?

They wanted to make sure their objectives, investment practices, structures were transparent. Also they wanted to avoid political agendas when using their funds. They also wanted all nations involved in international trade to be aware of their existence so they could invest wisely.

What is an investment fund or arrangement owned by a government called in this article?

A special purpose investment fund or arrangement owned by a government is called a sovereign wealth fund (SWF).

What are the generally accepted principles and practices?

Generally accepted principles and practices (GAPP) is a set of standards that SWFs must follow.

Who created the GAPP?

The International Working Group (IWG), which drafted the Principles, has agreed to consider ways to monitor progress and refine the Principles as new needs and challenges arise.