What are the fundamental differences between U.S. GAAP and IFRS accounting?
As with U.S. GAAP, the purpose of IFRS accounting is to provide decision-relevant information for investors. Whereas U.S. GAAP follows a largely casuistic approach, IFRS is more principle-oriented. The latter can, in principle, result in greater scope for interpretation but on the other hand provides more consistency in the accounting.
