This IFRS Supplement discusses the general context of US Generally Accepted Accounting Principles (US GAAP) and International Financial Reporting Standards (IFRS) and provides background information about the use of US GAAP and IFRS and ‘players that will ultimately affect how and when IFRS will be adopted internationally. Included also is an overview of the conceptual frameworks that underlie the formation of US GAAP and IFRS. A comparison of two companies is offered, one that employs US GAAP to prepare its financial report and one the employs IFRS to prepare its financial report.