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The major conceptual difference between US GAAP and IFRS; is that US GAAP is rules based and IFRS is principles based. This means that IFRS will not include the detail that the United States is used to in providing guidelines.
FASB's original mission has always been to establish the U.S. GAAP and standards for accounting and financial reporting; however, the mission has been enhanced to include the convergence and harmonization of U.S. standards with international ones (IFRS).FRS does not allow LIFO for inventory valuation whereas the U.S. GAAP provides the option of either LIFO, average cost or FIFO. Under the IFRS the EPS calculation does not average the individual interim period calculations, but the U.S. GAAP does.