Describe the major difference between US GAAP and International Financial Reporting Standards. US GAAP is a compared to IFRS which is used Describe the major difference between US GAAP and International Financial Reporting Standards. US GAAP is compared to IFRS which is used primarily only utilized in North America and in Europe primarity only utilized in the US utilized by many contries in the world Describe the major difference between US GAAP and International Financial Reporting Standards. US GAAP is compared to IFRS which is used by Canada and US. by many countries in the world. primarily by Canada and Mexico. primarily by the US.