Task 1 (GAAP, IFRS, IAS, IASC)

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.