Sure! Here's an SEO-friendly HTML answer for the question "Can you explain the difference between GAAP and IFRS accounting standards?"

```html

Explaining the Difference Between GAAP and IFRS Accounting Standards

GAAP (Generally Accepted Accounting Principles) and IFRS (International Financial Reporting Standards) are two sets of accounting standards used globally. The main difference between GAAP and IFRS lies in their geographical scope and governing bodies.

GAAP is primarily used in the United States and is governed by the Financial Accounting Standards Board (FASB), while IFRS is used in many countries around the world and is governed by the International Accounting Standards Board (IASB).

One key distinction between GAAP and IFRS is the treatment of inventory costing methods. Under GAAP, companies can use LIFO (Last-In-First-Out) method for inventory valuation, while under IFRS, the use of LIFO is not allowed.

Overall, understanding the nuances of both GAAP and IFRS is crucial for companies operating globally to ensure compliance with the applicable accounting standards in their respective jurisdictions.

```

Focus keyword: GAAP and IFRS accounting standard