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They are both the predominant accounting standards used today. GAAP (Generally Accepted Accounting Principles) is the USA standard and IFRS (International Financial Reporting Standards) is the predominant European standard and is used in120 countries. GAAP is moving toward IFRSOne key difference is that GAAP is rule-based, whereas IFRS is principle-based. Under GAAP the methodology to assess an accounting treatment is more focused on the literature whereas under IFRS, the review of the facts pattern is more thorough.
