Operations under international financial reporting standards

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Reference no: EM131211338

How is accounting for merchandise operations under international financial reporting standards significantly different from when a company follows accounting standards for private enterprises?

a. LIFO is allowed under IFRS, but it cannot be used under other reporting methods.

b. LIFO is not allowed under IFRS, but it can be used under other reporting methods.

c. Inventory is not an asset when accounting for a private enterprise.

d. Inventory is depreciated using IFRS for a public company.

Reference no: EM131211338

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