What is the major difference in approach of international financial reporting standards and U.S. GAAP accounting? What

Question:

What is the major difference in approach of international financial reporting standards and U.S. accounting? What are the advantages and disadvantages of each?

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...