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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 short-term projects where convergence on the answer in either US GAAP or IFRS seems possible on a fast-track basis (deferred tax accounting is an example); and. 2  developing a consensus approach on long-term projects that are more conceptual in nature (revenue recognition and the conceptual framework are examples). comparison of IFRS, US GAAP and Belgian GAAP. One day we may not need to produce a publication comparing IFRS and US GAAP because they will be sufficiently converged that there will be no need for a comparison between the two sets of standards.