All of the following are key similarities between GAAP and IFRS with respect to accounting for inventories
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All of the following are key similarities between GAAP and IFRS with respect to accounting for inventories except:
(a) costs to include in inventories are similar.
(b) LIFO cost flow assumption where appropriate is used by both sets of standards.
(c) fair value valuation of inventories is prohibited by both sets of standards.
(d) guidelines on ownership of goods are similar.
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