Which of the following is a key difference between IFRS and US GAAP for inventory
Which of the following is a key difference between IFRS and US GAAP for inventory?
A. IFRS allows LIFO
B. US GAAP allows LIFO
C. IFRS requires lower of cost or market
D. US GAAP requires lower of cost or NRV
Answer: B
Explanation: US GAAP allows LIFO; IFRS prohibits it. Both use lower of cost or NRV (not market).
