With respect to accounting for inventories, which of the following is a difference that exists for IFRS, as opposed to U.S. GAAP?
A) There is required recognition of certain development costs.
B) The FIFO method of inventories is prohibited.
C) The specific identification method of inventories is only allowed when goods are interchangeable.
D) The weighted average method of inventories is prohibited.

Question

Quizplus · Accepted Answer

Under IFRS, certain development costs associated with inventories may be capitalized and included in the cost of inventory, while under U.S. GAAP, these costs are generally expensed.

With Respect to Accounting for Inventories, Which of the Following