The Generally Accepted Accounting Principles (GAAP) used in the U.S. is, despite its name, a rules-based approach to accounting standards. Which of the following statements is FALSE with regard to the differences between GAAP and the International Financial Reporting Standards (IFRS)?

		Under U.S. GAAP, capitalization of research and development costs occur comparatively late in the R&D process compared to IFRS.
		Under U.S. GAAP, major fixed assets are recorded and depreciated on a composite basis.
		Under U.S. GAAP, fixed asset componentization is used to depreciate assets over a shorter timeframe.
		Under U.S. GAAP, use of the last-in-first-out (LIFO) method of inventory costing is permitted