LIFO can be used

A) under neither GAAP nor IFRS.
B) under IFRS but not GAAP.
C) under GAAP but not IFRS.
D) under both GAAP and IFRS.

GAAP

Generally Accepted Accounting Principles, a set of accounting standards and procedures used in the United States to ensure financial statements are consistent and transparent.

IFRS

International Financial Reporting Standards - a set of accounting guidelines that provide the basis for cross-border financial reporting.