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

The International Financial Reporting Standards (IFRS) - the accounting standard used in more than countries - has some key differences from the U.S. Generally Accepted Accounting Principles (GAAP). At the conceptually level, IFRS is considered more of a "principles based" accounting standard in contrast to U.S. GAAP which is considered more "rules based." By being more "principles based", IFRS, arguably, represents and captures the economics of a transaction better than U.S. GAAP