All of the Following Are Key Differences Between U

Multiple Choice

All of the following are key differences between U.S. GAAP and IFRS with respect to accounting for inventories except the

A) definition of the lower-of-cost-or-market test for inventory valuation differs between U.S. GAAP and IFRS.
B) inventory basis determination for writedowns differs between U.S. GAAP and IFRS.
C) guidelines are more principles based under IFRS than they are under U.S. GAAP.
D) average costing method is prohibited under IFRS.