Generally accepted accounting principles gaap and

Reference no: EM13582257

Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS) differ significantly on the acceptability of certain inventory valuation methods, specifically LIFO. What is the reasoning for the difference in treatment of LIFO between GAAP and IFRS? What impact will this have on U.S.-based companies? Do you agree or disagree with the way IFRS treats LIFO? Explain your reasoning.

Reference no: EM13582257

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