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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.
Companies in the United States operate under the generally accepted accounting principles, or GAAP, which allows for all three methods to be used. Most other countries use the International Financial Reporting Standards, or IFRS, which forbids the use of the LIFO method. GAAP and IFRS also differ on inventory reversal write-downs and costing formulas. While these two systems are different in many ways, they have some similarities for inventory costing.