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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.
Because MACRS depreciation. is based on the same basic concepts as GAAP, many companies use MACRS. for both tax and book (financial statement) purposes if their statements do. not have to undergo an audit or review, or if the difference between GAAP. v. MACRS is not material.