All of the Following Statements Are True Except

Multiple Choice

All of the following statements are true except:

A) IFRS uses net realizable value with no upper or lower limits imposed.
B) Both U.S.GAAP and international financial reporting standards (IFRS) require the use of the lower-of-cost-or-market rule to value inventories.
C) Write-downs of inventory can be reversed in later periods under U.S.GAAP.
D) U.S.GAAP defines market value as replacement cost.