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.

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Definitions:

Tariff

A tax imposed on imported goods and services to increase their price and reduce competitiveness with domestic products.

Country

A defined geographic area or political unit acknowledged as a sovereign state.

Domestic Consumption

The total amount of goods and services consumed within a country's borders.

Tariff

A tax imposed on imported goods and services, designed to increase the price and reduce the demand for foreign products.