hello, i am a beginner of accouting.and now i am taking the peper 1.1 of ACCA course. my problems is i am confused about the realationship of IFRS,IAS and GAAP .i try to find the answer in my textbook, but i think it messed things up. well, i mean,i am even more confused about the relationgship after my reading. would somebody kind help me with this problem. thank you
IAS is similar to GAAP, except IAS is international accounting standards, whereas, GAAP is usually referring to US standards.
IFRS is more related to reporting international standards. So think of it as a structured report and not so much accounting methods, as IAS and GAAP.
IFRS is the international body that publishes the IFRS guidelines (formerly named IAS (International Accounting Standards) GAAP stands for Generally accepted Accounting Standards) which are issued by the National & International Accounting Guideline Setters (i.e. IASB for IFRS as mentioned before. Regards, Arthur
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