A major difference between GAAP and IFRS isthat GAAP is rule-based, whereas IFRS isprinciple-based. With a principle based framework there is thepotential for different interpretations of similar transactions,which could lead to extensive disclosures in the financialstatements.

Review the sections on international accounting (IFRS)in each of Chapters 1, 2, 3, 4, 5, 6, and 8. Discuss the majorsimilarities and differences between U.S. GAAP and IFRS. Which ofthe differences do you find most interesting? If there is aconvergence between U.S. GAAP and IFRS, would you choose the U.S.GAAP or IFRS method? Why?

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