Can someone explain the difference between a imodel file and a IFC file? please

Good Morning,

Can someone explain to me what the difference is between a imodel file and a IFC file, please?  I assume that the IFC file (when the details have been hammered out) will be a file format that can be exchanged between different CADD software, like Land XML, am I correct?  But IFC will be a step above Land XML, it will have more information and intended to contain a 3d model, right?  But will it be as detailed as a "imodel", or will it be more or less? 

From what I understand the IFC model is still being ironed out between industry and the standards organization, so there are no details yet.  I'm just trying to get a better handle on how they compare to one another.

Thanks, and have a Good Holidays Folks,

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