which-of-the-following-is-a-major-difference-between-gaap-and-ifrs-in-terms-of-i

Question

Which of the following is a major difference between GAAP and IFRS in terms of inventory accounting?

Accepted Answer

GAAP allows LIFO, while IFRS does not.

Answer

IFRS allows LIFO, while GAAP does not.

Answer

Both GAAP and IFRS allow LIFO.

Answer

Both GAAP and IFRS prohibit LIFO.