What is the difference between IFRS and US GAAP?

These are two different types of systems that people may follow. The IFRS is known to be based on the various principles that are related to the subject, while the GAAP is based on rules. GAAP will not allow inventory reversals, but this is something that can be done when IFRS is applied. GAAP will require financial statements in order to gain more knowledge about comprehensive income.
These can be done when people would like to create interpretations of various transactions that are available. Take note that while they have differences, they also have one similarity, which is to make sure that a bank statement will become available.