Amazon, under GAAP, the recognition of any revenues for any part of the multi-good contract must be deferred until all parts of the contract are shipped. However, under IFRS, they will be able to recognize the revenues of the delivered part of the contract.

What accounting method does Amazon use?

Best Buy uses weighted-average cost, Amazon uses FIFO, and Target uses LIFO. Here is a hypothetical example that highlights the potential differences in income statements and balance sheets that could arise simply because of the use of a different inventory costing method.

Does Walmart use GAAP or IFRS?

The company, which currently uses U.S. GAAP, is required to present its expenses supported by function. The functions considered include administrative and cost of sales. Adaptation of IFRS will mean that Walmart will represent expenses based on nature or function.