The Major Difference Between IFRS and GAAP in Accounting for Inventories

question 2

Multiple Choice

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

• A) GAAP prohibits the use of specific identification.
• B) IFRS does not require that a physical inventory be taken.
• C) GAAP allows the use of the LIFO cost flow assumption.
• D) GAAP requires that the LIFO cost flow assumption be used.

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Definitions:

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