@wik_a
IFRS and IAS are usually followed by commonwealth countries.
In the first place understand what nature accounting principles got, Acc principles are not like physical laws; they ain't exist in nature waiting to be discovered. Rather, they are developed by people, in light of what we consider to be the most important objectives of financial reporting. In many ways accounting principles are similiar to the rules established for an organized sport, such as football, F1, WRC or Nascar.
As far as GAAP is concerned, standalone GAAP is considered as US Accounting Standards established by FASB & SEC. Whereas, Swedish-GAAP or Norway-GAAP (Sheyub's reference) are developed by these countries themselves. BTW EU is heading towards the planning and establishment of unifies Accounting Principles to be practised in Europe. But the major obstacle in the process is the practical fact which implies the International Investors comprising of Individuals and corporations (majorly US Based), European companies raising capital there in International markets especially US and offcourse MNC's which operate round the globe.
Correct me if I am wrong as it don't need experiance to rectify someone's error but the right piece of information.
Email; sheheryarshah@yahoo.co.uk
Thnx.