The International Accounting Standards Committee (IASC).
A ccounting in the United Kingdom is based on five Companies Acts that are laid out by Parliament and enforced by the secretary of state for trade. The U.K. s accounting body, Accounting Standards Committee (ASC), resembles the old Accounting Principles Board of the United States.  GAAP is a term that refers to a set of rules, standards and practices used throughout the accounting industry to prepare and standardize financial statements that are issued outside the company. These standards help investors and creditors better compare companies.  A: To answer this question, we must first define what IAS and GAAP are, in order to get a better grasp of the function they serve in the world of accounting. The acronym IAS stands for International Accounting Standards. This is a set of accounting standards set by the International Accounting Standards Committee (IASC), located in London, England. The IASC has a number of different bodies, the main one being the International Accounting Standards Board (IASB), which is the standard-setting body of the IASC. The acronym GAAP stands for Generally Accepted Accounting Principles. The IASC does not set GAAP, nor does it have any legal authority over GAAP.  The IASB assumed accounting standard-setting responsibilities from its predecessor body, the International Accounting Standards Committee (IASC), on March 1, 2001. This was the culmination of a restructuring based on the recommendations of the report Recommendations on Shaping IASC for the Future. The IASB was founded on April 1, 2001, as the successor to the International Accounting Standards Committee (IASC). The International Accounting Standards Committee (IASC) was formed in 1973 through an agreement made by professional accountancy bodies from Australia, Canada, France, Germany, Japan, Mexico, the Netherlands, the United Kingdom and Ireland, and the United States of America. The historical information about the IASC below is based on tables prepared for The International Accounting Standards Committee: A Political History, by Robert J. Kirsch, 465 pages, published in February 2007 by WoltersKluwer/CCH, ISBN: 978-1-84140-608-4. BREAKING DOWN 'Accounting Standard'. An accounting standard is a guideline for financial accounting, such as how a firm prepares and presents its business income and expense, assets and liabilities. The Generally Accepted Accounting Principles is comprised of a large group of individual accounting standards. DEFINITION of 'Accounting Standard'. A principle that guides and standardizes accounting practices. The Generally Accepted Accounting Principles (GAAP) are a group of accounting standards that are widely accepted as appropriate to the field of accounting. If yes, what are the changes? Details are in the Profile of the European Union. In addition, all companies in the Netherlands that use IFRSas adopted by the EU are required also to follow a part of the Dutch Accounting Standards for Medium-sized and Large Entities. Other comments regarding the use of IFRS in the jurisdiction? None.  International Public Sector Accounting Standards (IPSAS) are a set of accounting standards issued by the IPSAS Board for use by public sector entities around the world in the preparation of financial statements. 1 Accounting standards are based on French GAAP for the private sector, IFRS and IPSAS. 2  Standards are issued by the Conseil de normalisation des comptes publics (Advisory council on public sector accounting standards). 3  Gambia-In the process of adopting the cash basis IPSAS, will then move to adopt accrual basis IPSAS. 1 International Financial Reporting Standards (IFRS) are a set of accounting standards developed by the International Accounting Standards Board (IASB) that is becoming the global standard for the preparation of public company financial statements.  The International Accounting Standards Board (IASB) is the independent, accounting standard-setting body of the IFRS Foundation. The IASB was founded on April 1, 2001, as the successor to the International Accounting Standards Committee (IASC).
http://college.cengage.com/accounting/resources/students/readings/38-doost.html http://www.businessnewsdaily.com/5486-generally-accepted-accounting-principles-gaap.html http://www.investopedia.com/ask/answers/05/iasvsgaap.asp https://en.wikipedia.org/wiki/International_Accounting_Standards_Board http://www.iasplus.com/en/resources/ifrsf/history/resource25 http://www.investopedia.com/terms/a/accounting-standard.asp http://www.ifrs.org/Use-around-the-world/Documents/Jurisdiction-profiles/Netherlands-IFRS-Profile.pdf https://en.wikipedia.org/wiki/International_Public_Sector_Accounting_Standards http://www.ifrs.com/ifrs_faqs.html https://en.wikipedia.org/wiki/International_Accounting_Standards_Board
what accounting standards does the netherlands use?