IFRS and US GAAP are the two primary sets of standards used for financial reporting. IFRS is set by the International Accounting Standards Board to develop a single set of high-quality global accounting standards, while US GAAP is set by the FASB. There are some key differences between the two standards, such as IFRS using a principles-based approach while US GAAP uses more rules-based guidelines. IFRS and US GAAP also have different requirements for items like intangible assets, inventory costs, write-downs, and classifications of expenses and income. While both aim to provide transparency in financial reporting, the standards sometimes present inconsistent treatments of similar transactions.