Of the areas that are significantly different between GAAP and IFRS (GAAP balance sheets list current assets first and IFRS lists current assets last. Last in First out is allowed under inventory in GAAP, it is not allowed in IFRS. Under GAAP research and development costs are considered an expense, whereas under IFRS research costs are expenses and development costs are capitalized. GAAP is rules based and IFRS is principles based. ), which of these do you think is the most important as to why the U.S. has not adopted IFRS? Why do you think this? Conduct a search to examine all the possible reasons why the U.S. has not adopted IFRS