Accounting for inventories under IFRS is very similar to accounting under GAAP.

Name: Accounting for inventories under IFRS is very similar to accounting under GAAP.
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Both IFRS and GAAP require the use of the perpetual or periodic inventory system, and the inventory cost methods (FIFO, LIFO, weighted average) to value inventory. However, there may be some differences in the specific rules and disclosures required.

Accounting for Inventories Under IFRS Is Very Similar to Accounting