similarities between u.s. gaap and ifrs include which of the following?
Both U.S. GAAP and IFRS permit the same cost flow assumptions. Inventory is carried at the lower of cost or net realizable value under both U.S. GAAP and IFRS. Direct costing is required under both U.S. GAAP and IFRS. The definition of inventory is similar in both U.S. GAAP and IFRS.
