Question: Major Differences between GAAP and IFRS Principles vs. Rules: IFRS is principles-based; GAAP is rules-based. Inventory Valuation: IFRS prohibits LIFO; GAAP allows it. Development Costs:

Major Differences between GAAP and IFRS Principles vs. Rules: IFRS is principles-based; GAAP is rules-based. Inventory Valuation: IFRS prohibits LIFO; GAAP allows it. Development Costs: IFRS allows capitalization; GAAP requires expensing. Revenue Recognition: Different criteria and focus. Detailed explanation of the differences between US GAAP and IFRS. write in detailed and professional paragraphs

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