Which of the following is true regarding the lower of cost, Ask an Expert

Accounting

Which of the following is true regarding the lower of cost or market principle?

A) Using IFRS, "market" has a cap but no floor.

B) Reversals of prior write-downs are allowed using US GAAP, but not using IFRS.

C) Write-ups of inventory above original cost are allowed using IFRS, but not using US GAAP.

D) IFRS typically results in lower write-downs than US GAAP.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9437685

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