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