Similarities between International Financial Reporting Standards and U$.$S$.$ GAAP include all of the following except

Cash$-$basis accounting is not in accordance with either IFRS or U$.$S$.$ GAAP.

Both IFRS and U$\mathrm{.}5.$ GAAP allow revaluation of items such as land and buildings to fair value.

Both IFRS and U$.$S$.$ GAAP divide the economic life of companies into artificial time periods.

The revenue recognition principle is very similar under IFRS and U$.$S$.$ GAAP.