GAAP definition of GAAP are "Generally Accepted Accounting Principles.
GAAP are standard principles of financial accounting. GAAP are imposed on
companies so that investors have a minimum level of consistency in the
financial statements they use when analyzing companies for investment purposes.
GAAP cover such thing like revenue recognition, balance sheet item
classification and outstanding share measurements. Companies are expected to
follow GAAP rules when reporting their financial data via financial statements.
IFRS "International Accounting International Financial Reporting
Standards" . IFRS issued by the IASB (International Accounting Standard
Board). By using financial accounting standards known in Internatinal IFRS.
Useful for simplify understanding of financial statements. While purpose of
IFRS is for confirm that financial statements and interm company financial
statements for periode referred to in the annual financial statements.
IAS "International Accounting
Standards" by the International Accounting Standards Board with a view to
ensuring the quality, transparency and comparability of balance sheets and
annual accounts. The International Accounting Standards are now known as the
International Financial Reporting Standards (IFRS), but the individual IAS
standards have not been renamed.
IASC “International Accounting Standard Committee” was founded 1973 in
London and replaced by the International Accounting Standards Board on April
2001. It was responsible for developing the International Accounting Standards
and promoting the use and application of these standards. Purpose of IASC is
formalize and publish accounting standards respect with financial statements
and promote for can be accepted is widely in around the world, and then work
for development and harmonization of standards and accounting procedures.
