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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.
1 â¢ IFRS does not permit Last In, First Out (LIFO). â¢ 2  IFRS uses a single-step method for impairment write-downs rather than the two-step method used in U.S. GAAP, making write-downs more likely. â¢ 3  IFRS requires capitalization of development costs once certain qualifying criteria are met.