Is there a difference in approach to valuation by US GAAP and IFRS? Discuss and note two or three specific differences.

Yes. There are differences in the approach of US GAAP to valuation. Most notable is the difference in how they deal with intangible assets such as intellectual property and goodwill. Intangible assets under US GAAP are capitalized and amortized over the useful life of their asset, while IFRS intangible assets do not need to be amortized but must instead be checked for impairment each year.

Depending on whether an organisation uses US GAAP, IFRS, or both, there may be different accounting methods. For example, US GAAP mandates the use of historical costs, while IFRS permits companies to use other methods, such as fair valuation or revaluation, when valuing assets. Finally, organizations can’t restate financial statements from prior periods under US GAAP. However, IFRS allows restatement if certain conditions are satisfied.