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

Yes, there is a difference in approach to valuation by US GAAP and IFRS. The most notable difference lies in the way they treat intangible assets, such as goodwill and intellectual property. Under US GAAP, intangible assets are capitalized and amortized over their useful life, while under IFRS they are not subject to amortization but instead must be tested for impairment annually.

Additionally, different accounting methods may also be applied depending on whether an organization uses US GAAP or IFRS; for example, US GAAP requires the use of the historical cost method while IFRS allows companies to opt out of this practice and instead use alternative methods such as fair value or revaluation models when valuing certain assets. Finally, under US GAAP organizations cannot restate prior period financial statements while under IFRS restatement is allowed when certain conditions are met.