IFRS vs US GAAP — quick cheat sheet:

IFRS:
More principle-based
Flexible interpretation
Used globally

US GAAP:
More rule-based
Detailed accounting guidance
Primarily used in the US

Key differences:

Revenue Recognition:
IFRS → Control-based principles
GAAP → More industry-specific rules

Inventory:
IFRS → No LIFO allowed
GAAP → LIFO permitted

Development Costs:
IFRS → Can capitalize under conditions
GAAP → Mostly expensed immediately

Leases:
Both recognize leases on balance sheet, but GAAP has more exceptions.

Impairment:
IFRS → One-step approach
GAAP → Two-step approach

In one line:
IFRS focuses more on principles.
US GAAP focuses more on detailed rules.