Definition of GAAP, IFRS, IAS, and IASC

GAAP :

Generally Accepted Accounting Principles (GAAP) is a rule procedure of guidelines in financial accounting. Each areas has different of accounting principle. So GAAP as generally accepted accounting principles that all can adjust with accounting standards.

GAAP can used for giving accounting information to parties outside but also used by the internal, so that parties outside can understand about financial statement should agreement procedure between two parties and GAAP is solution of all.

IFRS :

International Financial Reporting Standard (IFRS) is International accounting standard, now IFRS more widely used because the profit compared GAAP, for example can raise capital, IFRS can giving assurance to investors or lenders, the risk as low and efficient in preparing financial statement.

IAS :

International Accounting Standard (IAS) is standard for preparation financial statement, created by International Accounting Standards Commitee (IASC) in 1973 and stopped when International Accounting Standards Board (IASB) and took over their creation in 2001. And created GAAP.

IASC :

International Accounting Standard Commitee (IASC) is responsible for development for Financial Accounting Standards and applications Financial Accounting Standards. So, if incorrect of the application standard, IASC responsible because IASC also the promotion that application.