Accounting rules:

Accounting rules are defined as a statement which provides guidelines to record the accounting transaction.

IFRS:

IFRS stands for international financial reporting standards. It is developed by the IASB (International accounting system board) for the preparation of the balance sheet and other profitability statements.

GAAP:

GAAP is a generally accepted accounting principle. It is the set of accounting principles and standards. It was issued in 1973 for US public and private companies by the financial accounting standard board for issuing a public statement. It is the set of accounting guidelines lines and rules used by the organizations for financial reporting.