5. For one of the major accounting differences, do further research into the applicable standards for IFRS and for U.S. GAAP. Quote portions from each standard and then explain the standards in your own words. Where are the U.S. GAAP and IFRS standards specifically similar and different? Example: Earnings per Share: Under IFRS, Company X calculates dilutive potential common shares independently for each interim period presented (discrete method). Under US GAAP, Company Y computes dilutive potential common shares on a year-to-date weighted average for each interim period presented (integral method).