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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.
GAAP (US Generally Accepted Accounting Principles) is the accounting standard used in the US, while IFRS (International Financial Reporting Standards) is the accounting standard used in over 110 countries around the world.AAP is considered a more ârules basedâ system of accounting, while IFRS is more âprinciples based.â The U.S. Securities and Exchange Commission is looking to switch to IFRS by 2015.