Identify any differences between U.S. GAAP and IFRS when applying the lower-of-cost-or-market rule to inventory valuation.

Question:

Identify any differences between U.S. and IFRS when applying the lower-of-cost-or-market rule to inventory valuation.

GAAP
Generally Accepted Accounting Principles (GAAP) is the accounting standard adopted by the U.S. Securities and Exchange Commission (SEC). While the SEC previously stated that it intends to move from U.S. GAAP to the International Financial Reporting Standards (IFRS), the...