The article discusses the key differences between U.S. GAAP and IFRS, which are two sets of accounting standards used globally. The goal is to help accountants, auditors, and financial analysts understand these standards as the U.S. moves towards potentially adopting IFRS in the future. The findings show that while there are differences between the two standards, they are not significant. The development of IFRS began in 1973 and has since become a widely adopted system for financial reporting in over 100 countries.