Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS)

Please prepare a response post to the following:
Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS) are the standards that govern financial reporting in the US and the International community. GAAP refers to a common set of principles, standards and procedures that companies and their accountants must follow when compiling their financial statements. IFRS are a set of international accounting standards which state how particular types of transactions and other events should be reported in financial statements (Ross, 2022).
One of the main differences between GAAP and IFRS is the way inventory is treated. Under IFRS, Last-In, First-Out (LIFO) is not allowed, but allowed under GAAP. The reversal of inventory write-down is required if certain criteria are met under IFRS but not allowed under GAAP (Hoyle, Schaefer, Doupnik, 14th Edition). The LIFO inventory method which is allowed under GAAP, tends to have low levels of reported income, and does not reflect the actual flow of inventory in most cases (Accounting Tools, 2022).
I believe that the IFRS position of not allowing LIFO is more appropriate. Inventory management seeks to value inventory, so the business is less likely to lose money on expired inventory, or inventory that becomes obsolete (Arline, 2023). In this case applying the IFRS standard of FIFO over LIFO will be more beneficial for the business.