There isn't much different in international accounting reporting standards (IFRS) and GAAP (US accounting reporting standards). In the interest of globalization and transparency between companies of different countries, the Securities and Exchange Commission in the U.S. has been trying for a number of years to come up with a convergence of the two that satisfies both accounting professional, the business community, and investors in the U.S. and in foreign countries.
By 2016, for all practical purposes,IFRS and FASB may be one and the same. The SEC and world leaders feel that this will allow investors across the world to compare U.S. and foreign companies with more transparency and standardization and with the opportunity for growing economic prosperity. There is one rather important (to US investors) difference between FASB rules and IFRS. IFRS does not allow LIFO inventory accounting procedures, which is not a favored change by accounting professionals. What do you think?