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

Question

Quizplus · Accepted Answer

IFRS allows the use of both LIFO and lower-of-cost-or-net realizable value for inventory accounting, while GAAP does not allow the use of LIFO.

Inventory Accounting Under IFRS Differs from GAAP in Regard to