Under what circumstances may a firm depart from GAAP and apply the "direct charge-off" method in accounting for bad debt expense in its income statement? O if the firm uses the direct write-off method for tax reporting purposes O if the impact upon the financial statements is judged to be "immaterial" O either of the above O none of the above - firms must always apply the "allowance" method of accounting for bad debts in the GAAP based income statement under all circumstances