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GAAP is the Generally Accepted Accounting Principles that facilitate the accounting professionals to maintain the financial information of a business concern. It contains basic rules, guidelines, and principles issued by FASB.

The comprehensive income is treated in the same manner under IFRS as it is treated under the GAAP. It is computed by adding/subtracting the unrealized gains/losses in the net income generated by a business entity.

IFRS allows the business concerns to revalue their tangible and intangible assets. Also, the companies are not required to classify the expenses under the IFRS. In addition, IFRS facilitates the business entities tocompute income and losses and does not necessarily provide the definition of all the items.