The U.S. Generally Accepted Accounting Principles (US GAAP), and the International Financial Reporting Standards (IFRS), have the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) working on many joint projects that will improve them and eventually make the standards compatible with one another. U.S. GAAP (Generally Accepted Accounting Principles) and IFRS (International Financial Reporting Standards) have different approaches to their system of principles and rules for regulating accounting. U.S. GAAP has more of a rule-based approach where as IFRS has more of a principal-based approach. There are differences between the two while each has their advantages and disadvantages. Having different sets of standards should not be the continued practice, there needs to be a set of wholly accepted international standards.