All of the following are key differences between GAAP and IFRS with respect to accounting for inventories except the:

(a) definition of the lower-of-cost-or-market test for inventory valuation differs between GAAP and IFRS.

(b) average-cost method is prohibited under IFRS.

(c) inventory basis determination for write-downs differs between GAAP and IFRS.

(d) guidelines are more principles-based under IFRS than they are under GAAP.