Under International Financial Reporting Standards (IFRS),which of the Following Statements

question 189

Multiple Choice

Under International Financial Reporting Standards (IFRS) ,which of the following statements regarding the lower-of-cost-or-market rule is incorrect?

• A) It is not necessary to record inventory at the lower-of-cost-or-market.
• B) The market value is defined as net realizable value.
• C) If the historical cost is higher than the net realizable value, the inventory must be written down.
• D) The IFRS approach results in fewer write-downs of inventory than U.S. GAAP.

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