Hi Ankita,
In absence of new GL parallel accounting (IFRS & GAAP) can be possible by creating separate GLs for IFRS/GAAP.
Means you should have set of GLs which will be considered in both IFRS & GAAP reporting.
Some set of GLs used only for IFRS and some set of GLs for GAAP only.
Best Regards,
Chirag Panchal