Which of the Following Statements Is True Regarding IFRS and Inventories

question 37

Multiple Choice

Which of the following statements is true regarding IFRS and inventories?

• A) In order to determine market valuation of inventories, IFRS uses a ceiling and a floor.
• B) IFRS permits the option of valuing inventories at fair value.
• C) With respect to inventories, IFRS defines market as net realizable value.
• D) IFRS allows inventory to be written up above its original cost.

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