Answer
b
Work Step by Step
“LIFO cost flow assumption” only applies in GAAP. IFRS does not allow the utilization of LIFO.
Intermediate Accounting (16th Edition)
by Kieso, Donald E.; Weygandt, Jerry J.; Warfield, Terry D.
Published by
Wiley
ISBN 10:
1118743202
ISBN 13:
978-1-11874-320-1
Chapter 9 - Inventories: Additional Valuation Issues - IFRS Insights - IFRS Self-Test Questions - Page 499: 1
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