GAAP versus IFRS who do you agree with COLLAPSE

APPLIED PRINCIPLE GAAP IFRS

Allows LIFO inventory valuation YES NO

Allows completed contract method

for construction projects YES NO

Allows tangible and intangible assets

to be adjusted upward to market value NO YES

Records assets on balance sheet in order

of liquidity (top to bottom) YES NO

For each item above tell us whether you agree with GAAP or IFRS. Give a brief reason why you chose your answer for each.