Similarities between U$.$S$.$ GAAP and IFRS include which of the following?

Multiple Choice

The definition of inventory is similar in both U$.$S$.$ GAAP and IFRS.

Direct costing is required under both U$.$S$.$ GAAP and IFRS.

Inventory is carried at the lower of cost or net realizable value under both U$.$S$.$ GAAP and IFRS.

Both U$.$S$.$ GAAP and IFRS permit the same cost flow assumptions.