Discuss the high-level differences between IFRS and US GAAP . Was the SEC right to demand reconciliations

Question:

Discuss the high-level differences between IFRS and US GAAP. Was the SEC right to demand reconciliations of IFRS to US GAAP from foreign companies that are listed on US exchanges?

GAAP
Generally Accepted Accounting Principles (GAAP) is the accounting standard adopted by the U.S. Securities and Exchange Commission (SEC). While the SEC previously stated that it intends to move from U.S. GAAP to the International Financial Reporting Standards (IFRS), the...