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International Financial Reporting Standards (IFRS)

  

Guidelines and rules set by the International Accounting Standards Board (IASB) that companies and organizations can follow when compiling financial statements. The creation of international standards allows investors, organizations and governments to compare the IFRS-supported financial statements with greater ease. Over 100 countries currently require or permit companies to comply with IFRS standards. The International Financial Reporting Standards were previously called the International Accounting Standards (IAS). Organizations in the United States are required to use the Generally Accepted Accounting Principles (GAAP). 

======> IFRS (International Financial Reporting Standards) is a new name of IAS. IFRS include rules and standards about financial statement. IFRS created to unify accounting practices in the world. Objective of financial statements are Current Cost Accounting,Financial capital maintenance in nominal monetary units,Financial capital maintenance in units of constant purchasing power

International Accounting Standards (IAS)

            Standards for the preparation and presentation of financial statements created by the International Accounting Standards Committee (IASC). They were first written in 1973, and stopped when the International Accounting Standards Board (IASB) took over their creation in 2001. 

=====>IAS (International Accounting Standard) is accounting standard for  the preparation and presentation financial statements created by IASC.
Now,IAS changed become IFRS.

generally accepted accounting principles (GAAP)

            Authoritative rules, practices, and conventions meant to provide both broad guidelines and detailed procedures for preparing financial statements and handling specific accounting situations.Generally accepted accounting principles (GAAP) provide objective standards for judging and comparing financial data and its presentation, and limit the directors' freedom in showing an unrealistic picture through creative accounting.

======> GAAP (Generally Accepted Accounting Principles) include standards rules,practices and conventions about financial statements. Beside it,GAAP include detailed procedurs for prepairing financial statements too.GAAP generally known as accounting standards. GAAP used to b compairing financial data and its persentation.So,the financial data can accepted by investors,lenders and tax authorities.

International Accounting Standards Committee (IASC) 
An international organization formed in 1973 by an agreement between the accounting bodies of 140 countries that developed and promoted the use of the International Accounting Standards (IAS). It was succeeded by the International Accounting Standards Board (IASB).

=======> IASC (International Accounting Standards Comittee) is an International Organization who responsible for the creation of an International Accounting Standard (IAS).
IASC formed in 1973.

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