The United States has not yet adopted IFRS, but is working with Europes IASB at converging U.S. and International Standards over the next few years. Until then, with the new IFRS being issued, U.S. Securities and Exchange Commission (SEC) companies that also report in Europe will be required to report among two sets of standards: U.S. GAAP and IFRS.What are the major types of differences between U.S. GAAP and IFRS? Give an example of each.