What is the Difference between Ias Sap Grap Non-Gaap Fasb Ifrs Gaap and Gaas
Accounting terms are really hard to understand for a common person. In fact, these are some purely financing related technical concepts that make these accounting terms, somewhat hard to understand. Ias, Sap, Grap, Non-Gaap, Fasb, Ifrs, Gaap and Gaas are the names of such accounting terms that are somewhat confusing for a person, having no study of accounting. Well, if you want to make the basic concepts of these accounting terms, just see this blog.
IAS
IAS or International Accounting Standards were the group of standards that decide structure of financial statements in terms of transactions and other financial events. These IAS standards were established by IASC (International Accounting Standard Committee), but after 2001 these standards were altered by IASB (International Accounting Standard Board).
SAP
SAP or Statutory Accounting Principles are applied only on insurance companies and decide their basis for making financial statements. These principles are governed by NAIC (National Association of Insurance Commissioner).
GRAP
GRAP or Gender Reform Action Plan is the set of policies and procedures that are being developed to empower women and gender perspectives in public sector by means of administrative and institutional restructuring. This program was governed by Asian Development bank on special request of Government of Pakistan.
Non-GAAP
Non-GAAP are those financial measures or financial statements that are prepared on permamant basis rather than accepted generally.
FASB
FASB or Financial Accounting Standard Board is the non-profitable private organization that established the accounting standard in United States, just for public companies. FASB was designated by SEC or Securities and Exchange Commission in 1973.
IFRS
IFRS or International Financial Reporting Standard comprises such the accounting principles, framework and interpretations that were developed by IASB (International Accounting Standard Board).
GAAP
GAAP or Generally Accepted Accounting Principles is the name of such framework that comprises standards and rules for financial accounting. These accounting principles are used in making of financial statements by recording and summarizing the accounting standards.
GAAS
GAAS or Generally Accepted Auditing Standards means such group of standards that decide the procedure and quality of audits. In US GAAS, there are ten auditing standards and in different countries these numbers vary to some extent.
IAS vs SAP vs GRAP vs Non-GAAP vs FASB vs IFRS vs GAAP vs GAAS
All these accounting terms are different from each other in many aspects. IAS was the criteria of making financial statements on behalf of decided International Accounting Standards by IASC, but these standards were replaced in 2001 by ISAB with the new name IFRS. Similarly, GAAp and Non-GAAP are the accounting principles, but former comprises generally accepted principles in contrast to later that is based upon some authentic rules. Similarly, GAAP rules are applicable on an type of company rather than Sap that means purely insurance companies principles. FASB is the organization that ensures the application of GAAP principles. GRAP is the gender development program of Pakistan, in which rules are settled Asian Development Bank. While, GAAS are the audit-related principles.
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