DEFINITION OF GAAP , IFRS , IAS AND IASC

1) GAAP ( Generally Accepted Accounting))

GAAP is accounting rules used to prepare, present and report financial statements for a wide variety of entities, including publicly traded and privately held companies, non-profit organizations, and government authorities.

Generally Accepted Accounting Principles (GAAP) refer to the standard framework of guidelines for financial accounting used in any given jurisdiction; generally known as accounting standards. GAAP includes the standards, conventions, and rules accountants follow in recording and summarizing, and in the preparation of financial statements.

2) IFRS

IFRS (Internasional Financial Reporting Standards) is international accounting standards issued by the International Accounting Standard Board (IASB). International Accounting Standards (International Accounting Standards / IAS) developed by four organizations in the world, namely the International Accounting Standards Board (IASB), Commission of the European Communities (EC), the International Capital Market (IOSOC), and the Federation of Accounting Internasioanal (IFAC). Much of standards that are part of the previous IFRS is International Accounting standards (IAS). 

IFRS is considered as a set of standard "basic principles" which then sets the rules also dictate the application of agency-specific implementation.

3) IAS ( International Accounting Standards)

IAS is standards set by the International Accounting Standards Board in order to ensure the quality, transparency and comparability of balance sheet and annual accounts. International Accounting Standards, now known as International Financial Reporting Standards (IFRS), but individual IAS standards have not changed the name. IAS issued between 1973 and 2001 by the International Accounting Standards Committee (International Accounting Standards Committee (IASC)). On 1 April 2001, the new IASB took over responsibility for preparing of IASC International Accounting Standardsa. IASB continues to develop standards and naming the new standards as IFRS.

4) IASC ( International Accounting Standards Committee)

IASC was established in 1973 and consists of member organizations from ten countries accounting profession. In 1999, the IASC membership consists of 134 professional accounting organizations from 104 countries, including Indonesia.The purpose of  IASC is :

(1) to formulate and issue accounting standards with respect to financial reporting and to promote it to be widely accepted throughout the world, and 

(2) to work for the development and harmonization of accounting standards and procedures with respect to financial reporting.