GAAP and IFRS have some different requirements when it comes to inventory:
Under GAAP, inventory must be valued at the lower of cost or market value, while IFRS requires inventory to be valued at the lower of cost or net realizable value.
GAAP does not allow for any inventory write-downs, whereas IFRS does.
GAAP requires inventory be valued using a specific cost flow assumption (such as FIFO or LIFO) while IFRS does not have such a requirement.