drywall install over extruded foam on basement walls

[Just Don]

was going to glue 2" pink foam on bottom 24" of exterior block basement walls,,, then have electrician run conduit on top of that horizontally for outlets. Then foam on up to top of wall and rim joist area gets little rectangles (2 layers for 4" total). then great stuff all cracks and creases.

then glue drywall to that. Some people say that wont meet code,,,needs mechanical fasteners. Anyone do this? Was also told a large home builder in Omaha which is much larger town,,does exactly that!!

Does this work? Does it pass YOUR code? code inspector here likes to make up his own rules sometimes.