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GAAP vs. IFRS. 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.
The income statement under U.S. GAAP is either a single-step or multiple-step format. Under IFRS, expenses are classified by nature or function. For example, by nature, wages would be classified. By function, descriptions such as manufacturing would be reported. A great deal of leeway is available under IFRS for financial statement issuers. The income statement under both U.S. GAAP and IFRS classifies comprehensive income as part of equity.