A major difference between IFRS and GAAP is that GAAP specifically prohibits use of the FIFO cost flow assumption.

Name: A major difference between IFRS and GAAP is that GAAP specifically prohibits use of the FIFO cost flow assumption.
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This statement is false. GAAP allows use of the FIFO cost flow assumption, but also allows other cost flow methods such as LIFO and weighted average. However, IFRS permits the use of FIFO or weighted average cost flow assumptions, but does not allow LIFO.

A Major Difference Between IFRS and GAAP Is That GAAP