Generally Accepted Accounting Principles (GAAP) allow companies to choose any inventory costing method. GAAP also requires that companies consistently stick to one method. However, companies do switch back and forth from FIFO to LIFO to Weighted Average and vice versa. International Financial Reporting Standards (IFRS) value inventory in a similar method as GAAP. Companies can use FIFO or average costs, but LIFO is not an option. Access and review the following article from the CSU-Global Library:

Krishnan, S. (2012).Inventory Valuation Under IFRS and GAAP.Strategic Finance, 98(9), 51-58.

Select one item from the article that you found interesting and briefly share your views on valuating inventory under GAAP versus IFRS. What ethical responsibilities, if any, do you have with the issues presented?