Having a career in accounting means having established rules and standards to follow. In the accounting profession, GAAP is well known and widely used most often in the United States. IFRS is used worldwide except in the United States. In the United States, GAAP is a more common method for accounting. In this article I will analyze which form of accounting is preferable, between principles-based (IFRS) and rules-based (GAAP). My research will address the similarities and differences in the accounting field, between the two. Additionally, I will consider the advantages and disadvantages of using one method over the other. I will provide examples that discuss the benefits of using IFRS instead of GAAP. While differences can play an important role, as mentioned earlier in this paper, the main difference is that IFRS and GAAP are based on rules or principles that pose a barrier to consolidation. IFRS does not consider LIFO for inventory compared to GAAP, which allows for all three options. To conclude, there will always be conversations and debates about whether or not international financial reporting standards and generally accepted accounting principles are about to converge. IFRS is used worldwide except in the United States. In the United States, GAAP is a more common method for accounting. In this article I analyzed which form of accounting is preferable, between principles-based (IFRS) and rules-based (GAAP). My research led to the similarities and differences in the accounting field between the two. Additionally, the advantages and disadvantages of using one method over the other were mentioned. The advantages of converting to IFRS in the United States are that it will provide more consistent reporting. It provides flexibility for both investors and compliance, and of course, having a single financial reporting standard for all countries makes it less complicated. Furthermore, it has a uniform structure that does not change from country to country. Many companies resist the United States or the world; large or small, public or private, have adopted different accounting practices that have consequences for entrepreneurs, investors, shareholders, managers and companies. In recent years, many countries are moving towards and trying to converge the two practices between the International Financial Reporting Standards as a single standard to enable simplified financial reporting and eliminate the need for conversion. The International Accounting Standards Boards (IASB) is trying to bridge the gap between these two accounting standards into one