The controller of a manufacturing company that currently uses the FIFO method of accounting for inventory in an economy that is experiencing a period of high inflation. Although profits are higher this year than last year, the cost to replace inventory is also higher. Consider changing accounting methods from FIFO to LIFO. What factors should be consider before making a change? What are the differences between reporting inventory using U.S. Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS)?