One Difference Between IFRS and GAAP in Valuing Inventories Is

Multiple Choice

One difference between IFRS and GAAP in valuing inventories is that

A) Under IFRS, but not GAAP, inventories written down under LCNRV can be written back up to the original cost.
B) GAAP defines market value as replacement cost where IFRS defines market as the selling price.
C) GAAP strictly adheres to the historical cost concept and does not allow for write-downs of inventory values.
D) IFRS, but not GAAP, requires that inventories be valued at the lower of cost or market.