Which of the Following Is a CORRECT Statement About the Lower-Of-Cost-Or

Multiple Choice

Which of the following is a CORRECT statement about the lower-of-cost-or market rule when applied to inventories?

A) Under U.S.GAAP,once inventory has been written down to market value,the write-downs can be reversed in future periods.
B) Under U.S.GAAP,the lower-of-cost-or-market rule is optional.
C) Currently,the lower-of-cost-or-market rules are the same for both U.S.GAAP and IFRS.
D) Under IFRS,some lower-of-cost-or-market write-downs may be reversed.