how does ifrs differ from gaap 
ifrs is a standards based approach that is used internationally while gaap is a rules based system used primarily in the u s ifrs is seen as a more dynamic platform that is regularly being revised in response to an ever changing financial environment while gaap is more static several methodological differences exist between the two systems for instance gaap allows companies to use either first in first out fifo or last in first out lifo as an inventory cost method lifo however is banned under ifrs 78