Which of the Following Statements Is Correct Regarding International Financing

question 12

Multiple Choice

Which of the following statements is correct regarding International Financing Reporting Standards (IFRS) and U.S. GAAP with regard to inventory?

• A) LIFO (last-in, first-out) is permitted under IFRS but not under U.S. GAAP.
• B) When applying lower-of-cost-or-market, U.S. GAPP defines market as net realizable value.
• C) IFRS permits valuing inventories at fair value, similar to the accounting for property, plant, and equipment.
• D) Under U.S. GAPP, if inventory is written down under lower-of-cost-or-market, it may not be written back up to its original cost in a subsequent period.

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Definitions:

PROM

Prelabor rupture of membranes; a condition in which the amniotic sac breaks before labor begins.

Cesarean Section

A surgical procedure used to deliver a baby through incisions in the abdomen and uterus when vaginal delivery is not possible or safe.

Stillborn

Referring to an infant born without signs of life at or after 24 weeks of pregnancy.

Correct Code

The appropriate and accurate classification or identification used for diagnosis, treatment, or procedural purposes in healthcare.