Which of the Following Statements Is Correct Regarding International Financing

Multiple Choice

Which of the following statements is correct regarding International Financing Reporting Standards (IFRS) and U.S. GAAP with regard to inventory?

A) LIFO (last-in, first-out) is permitted under IFRS but not under U.S. GAAP.
B) When applying lower-of-cost-or-market, U.S. GAPP defines market as net realizable value.
C) IFRS permits valuing inventories at fair value, similar to the accounting for property, plant, and equipment.
D) Under U.S. GAPP, if inventory is written down under lower-of-cost-or-market, it may not be written back up to its original cost in a subsequent period.