Statement regarding lower of cost or market principle

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Reference no: EM13147541

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.

Reference no: EM13147541

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