Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS)

Please prepare a response post to the following:
Without accounting standards, businesses could easily skew their financial results to make themselves look more successful. It would also be much harder to compare how different companies are performing.
Generally accepted accounting principles (GAAP) refer to a common set of accepted accounting principles, standards, and procedures that companies and their accountants must follow when they compile their financial statements (Ross, 2022).
International Financial Reporting Standards (IFRS) are a set of international accounting standards, which state how particular types of transactions and other events should be reported in financial statements (Ross, 2022).
One of the key differences between these two accounting standards is the accounting method for inventory costs. Under IFRS, the LIFO (Last in First out) method of calculating inventory is not allowed. Under the GAAP, either the LIFO or FIFO (First in First out) method can be used to estimate inventory.
The reason for not using LIFO under the IFRS accounting standard is that it does not show an accurate inventory flow and may portray lower levels of income than is the actual case. On the other hand, the flexibility to use either FIFO or LIFO under GAAP allows companies to choose the most convenient method when valuing inventory.
Which Is Better: IFRS or GAAP?
This is a matter of perspective. IFRS is more principles-based, while GAAP is rules-based. A focus on principles may be more attractive to some as it captures the essence of a transaction more accurately. In practice, however, since much of the world uses the IFRS standard, a convergence to IFRS could have advantages for international corporations and investors alike.