The Major Difference Between IFRS and US GAAP in Accounting

question 26

Multiple Choice

The major difference between IFRS and US GAAP in accounting for inventories is that:

• A) US GAAP prohibits the use of specific identification.
• B) IFRS requires the use of the LIFO cost flow assumption.
• C) US GAAP prohibits the use of the LIFO cost flow assumption
• D) US GAAP allows the use of the LIFO cost flow assumption.

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Definitions:

Kidney Tubules

Microscopic tubes in the kidney where urine is formed through the process of filtration, reabsorption, and secretion.

Simple Cuboidal Epithelium

A type of epithelial tissue composed of a single layer of cube-shaped cells, commonly found in glands and their ducts.

Transitional Epithelium

Transitional epithelium is a type of tissue lining the urinary system's organs, distinguished by its ability to stretch and contract in response to the volume of fluid present.

Secretory Epithelial Cells

Cells located in the epithelium that produce and release substances such as enzymes, hormones, and sweat.