Which of the Following Statements Regarding International Financial Reporting Standards

question 80

Multiple Choice

Which of the following statements regarding international financial reporting standards (IFRS) is false?

• A)The reporting of extraordinary items is prohibited.
• B)Property, plant, and equipment can be reported on the balance sheet at either fair value or historical cost.
• C)The last-in first-out inventory method is permitted.
• D)Inventory write-downs are permitted.