GAAP and IFRS/IAS applications. There remain many differences between US GAAP and IFRS. The main difference lies in the conceptual framework. US GAAP is a rules-based accounting system while IFRS is a principles-based accounting system. US GAAP contains more than 25,000 pages of information while IFRS has 2,500 pages (Herrmann & Diamond, 2008). This difference leads to a different approach to that which interprets the standards, the system based on the principles of IFRS will require more judgment. Differences remain between US GAAP and IFRS when it comes to revenue recognition. US GAAP gives detailed rules covering 200 different statements on how revenue should be recognized, while IFRS offers two standards, IAS 18 and IAS 11; these deal with revenue and construction contracts. There is currently a proposal for a new revenue recognition standard for IFRS and US GAAP (Doupnik & Perera, 2014). This standard seeks a main direction and corrects the inconsistencies between the two different points of view. This proposal would bring unity to both entities and further progress towards