The Major Difference Between IFRS and GAAP in Accounting for Inventories

Multiple Choice

The major difference between IFRS and GAAP in accounting for inventories is that

A) GAAP prohibits the use of specific identification.
B) IFRS does not require that a physical inventory be taken.
C) GAAP allows the use of the LIFO cost flow assumption.
D) GAAP requires that the LIFO cost flow assumption be used.