When we look at IFRS standards we see that fair market valuation is available for a wider selection of assets than US GAAP standards. IFRS 3 Activities: COMPANY: FIFO minus LIFO IFRS NET PROFIT CURRENT ASSETS (IFRS NET PROFIT COLUMN2) REPORTED NET PROFITExxon $21348 $30143 36% 99%Ford $865 $4686 3% 100%Kroger $827 $1173 11% 105%C) Yes, you can observe that Exxon has the largest variance between FIFO and LIFO inventory as a percentage of current assets. We can observe that this happens because Exxon has huge inventories of oil and various petroleum products. Furthermore, we see such a large difference between FIFO and LIFO valuation because of the large differences between current oil prices and prices observed around the world.