Modelling and simulation (M&S) is increasingly being exploited as an enabling technology to support tactical, operational and strategic training objectives within the military domain. Verification and Validation of M&S assets are intended to ensure that only correct and suitable training results are obtained thereby facilitating risk management with regards to M&S use for military training purposes. The Generic Methodology (GM) for Verification and Validation (VV&A) is a generic and comprehensive VV&A methodology for acceptance of M&S assets. The GM-VV is currently in the processes of standardisation within the Simulation Interoperability Standards Organization (SISO), and at the same time under consideration by various national defence directorates (DoD, MoD, etc) to be incorporated as part of their M&S policies. The GM-VV provides a framework to efficiently develop arguments to justify why M&S systems are acceptable for a specific intended use or not. This argumentation is intended to support stakeholders in their risk-based decision-making process on the development, application and reuse of such M&S systems. This paper presents the technical substance of GM-VV in detail, gives a status update on the standardization process along with its relationship to other VV&A standards and practices. GM-VV is a generic methodology, based on sound system engineering principles and likewise needs to be tailored for specific M&S application domains. The paper illustrates how GM-VV can be tailored for and applied to training simulations. This illustration is based on some results and lessons learned from several currently running (joint) technology demonstration programs of the Dutch, Swedish, German and French MoD’s inside NATO NMSG-073 context.