Reflection moveout approximations written as explicit functions of offset are convenient tools commonly applied in seismic data modeling, processing, and inversion. The generalized moveout approximation (GMA) has a flexible functional form that accommodates various causes of moveout nonhyperbolicity. We have developed a novel parameterization for the existing six-parameter version of GMA by changing the definition of one of its parameters. Three parameters of the proposed GMA approximation are obtained by fitting the traveltime, the normal moveout velocity, and the fourth-order Taylor series coefficient of traveltime squared at zero offset. The remaining three parameters are obtained by fitting kinematic properties at another two nonzero reference offsets. Through numerical tests on linear sloth models, circular reflector models, and acoustic transversely isotropic media with a vertical symmetry axis (acoustic VTI media), the proposed new GMA method is compared with other published GMA methods in terms of their accuracy. Numerical tests on the three models demonstrate that, when the far reference offset is fixed, the location of the middle reference offset has a considerable impact on the proposed GMA accuracy. We propose a moveout inversion method in a layer-stripping fashion for layered acoustic VTI media based on the proposed and other published GMA methods.