The major IFRS requirements related to accounting for and reporting inventories are

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The major IFRS requirements related to accounting for and reporting inventories are largely the same as GAAP, with a few specific exceptions. For example, IFRS allows for the use of either the first in, first out (FIFO) or weighted average cost formulas, while GAAP requires the use of FIFO or specific identification. Additionally, IFRS requires the reversal of any write-down of inventory that is no longer necessary, while GAAP only allows for write-down reversals under specific circumstances.

The Major IFRS Requirements Related to Accounting for and Reporting