The International Financial Reporting Standards (IFRS) – the accounting standard used in more than 110 countries – has some key differences from the United States' Generally Accepted Accounting Principles (GAAP). At the conceptual level, IFRS is considered more of a principles-based accounting standard in contrast to GAAP, which is considered more rules-based. By being more principles-based, IFRS, arguably, represents and captures the economics of a transaction better than GAAP. Some of differences between the two accounting frameworks are highlighted below.
Source : Investopedia