Which of the Following Statements Regarding International Financial Reporting Standards

question 45

Multiple Choice

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

• A)Common stock is titled as share capital.
• 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 (LIFO) inventory method is permitted.
• D)Development costs are capitalizeD.The last-in first-out inventory (LIFO) method is prohibited under IFRS.

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