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

Question

Quizplus · Accepted Answer

While there are similarities between IFRS and GAAP when it comes to accounting for and reporting inventories, there are some important differences. For example, IFRS allows for the use of the LIFO method while GAAP does not. Additionally, IFRS requires inventories to be measured at the lower of cost or net realizable value, while GAAP requires them to be measured at the lower of cost or market.

The Major IFRS Requirements Related to Accounting for and Reporting