Which of the following statements is false concerning the differences between GAAP and IFRS? GAAP permits the capitalization of research and development costs at an earlier stage than IFRS. IFRS does not permit the use of the last-in first-out (LIFO) method of accounting for inventory Under GAAP, most fixed assets are recorded and depreciated as a whole, while IFRS records and depreciates fixed assets by breaking them down into components. IFRS is considered a more principles-based accounting standard while GAAP is considered a more rules- based accounting standard