When comparing IFRS and GAAP, what are some overall key differences I should be aware of?

One noted difference is on revenue recognition (US GAAP vs IFRS). Most common revenue recognition issues relate to (1) the determination of when transactions with multiple deliverables should be separated into components and (2) the method by which revenue gets allocated to the different components. US GAAP requires arrangement consideration to be allocated to elements of a transaction based on relative selling prices. A hierarchy is in place which requires VSOE of fair value to be used in all circumstances in which it is available. When VSOE is not available, third-party evidence (TPE) may be used. Lastly, a best estimate of selling price may be used for transactions in which VSOE or TPE does not exist. The residual method of allocating arrangement consideration is no longer permitted under US GAAP (except under software industry guidance), but continues to be an option under IFRS. Under US GAAP and IFRS, estimated selling prices may be derived in a variety of ways, including cost plus a reasonable margin.