How do inventory disclosures following IFRS differ from those following U.S. GAAP?
A) Firms using IFRS are required to report the amount of reversals of inventory write-downs.
B) Firms using IFRS disclose the amount of write-downs recognized as expenses or losses.
C) Firms using IFRS do not disclose the market value of inventory.
D) Firms using IFRS do not disclose inventory financing agreements.

Question

Quizplus · Accepted Answer

Under IFRS, firms are required to disclose the amount of reversals of inventory write-downs, whereas U.S. GAAP does not allow reversals of inventory write-downs.

How Do Inventory Disclosures Following IFRS Differ from Those Following