This course is designed to help the learner understand the significant differences between International Financial Reporting Standards (IFRS) and U.S. Generally Accepted Accounting Principles (GAAP). It does not discuss every possible difference. It is a summary of the most relevant differences for the majority of the users of this course. The principal focus is on the differences related to recognition, measurement, and presentation, rather than on disclosure. NOTE: This course has been updated for the relevant 2020 and 2021 amendments to the official pronouncements of the International Accounting Standards Board and the Financial Accounting Standards Board.