Comparison of Inventory Methods in IFRS and GAAP

When comparing International Financial Reporting Standards (IFRS) and Generally Accepted Accounting Principles (GAAP), there are notable differences in how certain financial transactions are treated. One major area of divergence is the treatment of inventory valuation methods.

Consider the following statement:

Under IFRS, the LIFO (Last In, First Out) inventory method is permissible, whereas GAAP allows its use.

Which of the following is true regarding this treatment of inventory valuation methods?