The specific identification method

A) cannot be used under GAAP.
B) cannot be used under IFRS.
C) must be used under IFRS if the inventory items can be specifically identified.
D) must be used under IFRS if it would result in the lowest net income.

Under IFRS, the specific identification method must be used if the inventory items can be specifically identified. This method allows for the actual cost of each item to be used, resulting in a more accurate valuation. However, if specific identification is not possible or too costly, alternative methods such as FIFO or weighted average cost can be used.