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 fom GAAP.
D) not comparable to GAAP.

Question

Quizplus · Accepted Answer

IFRS and GAAP have similar requirements for inventory accounting, but there are a few differences, such as the prohibition of LIFO under IFRS.

The Major IFRS Requirements Related to Accounting for and Reporting