Sufficient Development and Application of IFRS for the U.S. Domestic Reporting System (pages 7-33): In considering the issue of the comprehensiveness of IFRS, the SEC staff compared U.S. GAAP and IFRS, and identified some differences as fundamental in nature, noting that resolution of these differences may be challenging. One example noted in the report is the fact that the LIFO method of accounting for inventory is allowed under U.S. GAAP, but not under IFRS. The report notes that the elimination of LIFO from U.S. GAAP could have significant tax implications for some U.S. companies. Identify two other differences described as fundamental in this paper, and use your own words to briefly discuss the differences between IFRS and U.S. GAAP.