Multiple Choice - Select the best answer from those provided. The Generally Accepted Accounting Principles (GAAP) used in the U.S.is, donpito its name, a rules-based approach to accounting standards. Which of the following statements in FALSE with regard to the differences between GAAP and the International Financial Reporting Standards (IFRS)? Under U.S. GAAP, major fixed assets are recorded and depreciated on a composite basis. Under U.S. GAAP, use of the Inst-in-first-out (LJFO) method of Inventory conting in permitted Under U.S. GAAP, capitalization of research and development costs our comparatively late in the R&D process compared to IFRS. Under U.S. GAAP fixed asset componentization is used to depreciate assets over a short timeframe