How Does US Accounting Differ From International Accounting?

Despite major efforts by the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB), significant differences remain between accounting practices in the United States and the rest of the world. For example, U.S. companies are allowed to use last-in, first-out (LIFO) as an inventory-costing method. However, LIFO is banned under a competing set of accounting standards used in much of the world.