AAC is a sound encoded file format developed by Fraunhofer IIS, AT&T, Dolby and Sony. Its name stands for Advanced Audio Coding. The AAC format is an industry standard and was created as an improved alternative to the most common MP3 audio file format. AAC files do have slightly improved features compared to MP3s. Let's say this format provides the opportunity for improved processing of frequencies above 16 kHz. At the same time, the sound quality of AAC files is closer to the original sound source.
WAV (or WAVE) is actually the first full-fledged audio format with good sound quality. It was developed quite a few years ago by the joint efforts of Microsoft and IBM. Sometimes this format is even called “Audio for Windows,” because it is the standard for storing audio stream for a traditional Windows desktop computer. Full name - Wave Audio File Format. The short name is derived from the English word wave ("wave"). The peculiarity of this format of digitized audio stream is the lack of compression. WAV files take up too much space, but it is ideal for storing high quality files in their original form.