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.
FLAC is a free cross-platform audio codec format created in 2001 by Josh Colson and Xiph.Org. The name of the format is an abbreviation of the English phrase Free Lossless Audio Codec. When compressing a file into the FLAC format, it is 50-60% of the original file without loss of sound quality (especially when working with voice recordings). When unpacking such a file, absolute originality is respected. Since the format is free and open, it is supported by almost any software, it is perfect for archiving files and for regular listening to digital recordings.