Inventory accounting under IFRS differs from GAAP in regard to
A)neither the use of LIFO nor lower-of-cost-or-market.
B)the use of LIFO but not lower-of-cost-or-market.
C)the use of lower-of-cost-or-market but not LIFO.
D)the use of LIFO and lower-of-cost-or-market.

Question

Quizplus · Accepted Answer

Under IFRS, both LIFO and lower-of-cost-or-market are allowed for inventory accounting.

Inventory Accounting Under IFRS Differs from GAAP in Regard to