A company that prepares its financial statements according to International Financial Reporting Standards (IFRS) can use all of the same inventory valuation methods as a company that prepares its statements under U.S. GAAP.

Question

Quizplus · Accepted Answer

Under IFRS, the Last-In, First-Out (LIFO) inventory valuation method is not allowed, whereas it is permissible under U.S. GAAP.

A Company That Prepares Its Financial Statements According to International