Which one of the following is Rule-based and which one is Principle-based?

 U.S. GAAP is rule-based, whereas IFRS is principle-based.

Differences Between IFRS and U.S. GAAP;

• Consolidation — IFRS favors a control model whereas U.S. GAAP prefers a risks-and-rewards model. Some entities consolidated in accordance with FIN(R) may have to be shown separately under IFRS.
• Statement of Income — Under IFRS, extraordinary items are not segregated in the income statement, while, under US GAAP, they are shown below the net income.
• Inventory — Under IFRS, LIFO (a historical method of recording the value of inventory, a firm records the last units purchased as the first units sold) cannot be used while under U.S. GAAP, companies have the choice between LIFO and FIFO (is a common method for recording the value of inventory).
• Earning-per-Share — Under IFRS, the earning-per-share calculation does not average the individual interim period calculations, whereas under U.S. GAAP the computation averages the individual interim period incremental shares.
• Development costs — These costs can be capitalized under IFRS if certain criteria are met, while it is considered as “expenses” under U.S. GAAP.

U.S. GAAP = rule-based 

IFRS = principle-based

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US GAAP is rules-based while IFRS is principles-based

IFRS is principle based and US GAAP is rules based.