Which of the Following Statements Is True Regarding IFRS and Inventories

Multiple Choice

Which of the following statements is true regarding IFRS and inventories?

A) In order to determine market valuation of inventories, IFRS uses a ceiling and a floor.
B) IFRS permits the option of valuing inventories at fair value.
C) With respect to inventories, IFRS defines market as net realizable value.
D) IFRS allows inventory to be written up above its original cost.