Which of the Following Statements Is Not True

Multiple Choice

Which of the following statements is not true?

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