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 To keep uniformity and consistency in the accounts some rules and regulations have to be followed. Every accounting body has their own such rules, standards, principles etc. These are regarded and accepted by the accounting professionals. 

Russian Accounting Standards  also called Russian Accounting Principles (RAP) or Russian GAAP, refer to the body of regulatory documents concerning financial accounting and reporting standards in the Russian Federation.

For historical reasons, the Russian Accounting Standards framework has been determined by the state, rather by professional bodies. The primary users of RAS are state and tax authorities, rather than management or third parties. RAS financial statements must include balance sheet, income statement, statement of changes in equity, cash flow statement and explanatory notes. Under RAS, a specific layout is mandatory for the balance sheet and other statements.

The Russian government has been striving to harmonize Russian Accounting Standards with IFRS since 1998. The Law No. 208-FZ introduced IFRS into Russian legislation in 2010. Since 2012, IFRS have increasingly been adopted in Russia, and they are mandatory for consolidated financial statements, while standalone financial statements must be prepared using RAS. IFRS statements are also required for domestic public companies. IFRS are generally deemed more relevant to the needs of investors.

GAAP stands for Generally Accepted Accounting Principles. These are some commonly followed practices of accounting that have found some level of global acceptance. These accounting principles specify certain definitions, the accounting treatment for confusing entries, and even some industry-specific rules and procedures.

The purpose of GAAP is to ensure some basic level of consistency in accounting statement of all different organizations. It enables external users of the financial statements to easily decipher and understand the accounts of a company. GAAP will also allow intra-firm and inter-firm comparisons, which help these users take investment decisions.