[MacroUniversity]

U.S. GAAP
Securities and Exchange Comission (SEC), a federal government agency, has the legal authority to set acceptaple accounting methods and standards. SEC largely delegates the task of setting U.S. financial accounting standards to the Financial Accounting Standards Board (FASB), a private-sector body.

International Financial Reporting Standards (IFRS)
IFRS standards are set by an independent accounting standard-setting entity called International Accounting Standards Board (IASB).

Both are very similar overall, with some key differences, such as revenue recognition. Under GAAP, delivery is required to have occured to provide sufficient evidence that risks and rewards of ownership have passed. IFRS accepts that delivery is not always necessary for nevenue to be recognized, because the risks and rewards of ownership may be transferred to the buyer even though the good have not yet been delivered.