Which of the following is generally true about the differences between U.S. GAAP and IFRS? January 1, 2023 by admin U.S. GAAP is more flexible than IFRS. U.S. GAAP tends to be more rules-based and IFRS tend to be principles-based. More professional judgment is required to apply U.S. GAAP than is required for implementing IFRS. In all cases, U.S. GAAP is more detailed than the IFRS. See Answer U.S. GAAP tends to be more rules-based and IFRS tend to be principles-based.