When accounting for operating leases, what are the differences between GAAP and IFRS?

Essentially the accounting for the operating leases both under IFRS and U.S. GAAP is the same.

U.S. GAAP provides bright line tests while distinguishing between and capital and operating leases, whereas IFRS does not provide these bright-line tests, but uses the words "SUBSTANTIAL" transfer of risks to determine the classification between Operating/Capital lease category. So you might come across a lease that is an operating lease under U.S. GAAP and a capital lease under IFRS.

Please note that new lease guidance is still in the works that will bring all the operating leases on the balance sheets, something similar to the capital leases.

Please feel free to contact me with any follow-up questions.