The major IFRS requirements related to accounting for and reporting inventories are
A) the same as GAAP.
B) the same as GAAP with a few exceptions.
C) completely different from GAAP.
D) not comparable to GAAP.
IFRS:

Question

Quizplus · Accepted Answer

The major IFRS requirements related to accounting for and reporting inventories are generally the same as GAAP, with a few exceptions. One notable difference is that IFRS allows for the use of either the first-in, first-out (FIFO) or weighted average cost methods, while GAAP requires the use of FIFO. Additionally, IFRS requires the reversal of any previous write-downs of inventories if the reasons for the write-down no longer exist, while this is not specifically required under GAAP.

The Major IFRS Requirements Related to Accounting for and Reporting