Check my work 4 Regarding the topics of accounting for inventory and IFRS/US. GAAP characteristics or differences, which of the following statements is true? Multiple Choice Book Companies reporting under IFRS must comply with the LIFO conformity rule Print erences shareholders for many companies would likely If U.S. GAAP were to converge with IFRS regarding the use or non-use of Ls see a surge in reported net income. A multinational company which uses LIFO to value its U.S. inventories must also use LIFO to value its non-U.S. inventories. The LIFO conformity rule forbids companies using LIFO from reporting non-LIFO inventory valuations anywhere in the Next> 4 of 15