All of the Following Regarding Accounting for Treasury Stock Under

All of the following regarding accounting for Treasury Stock under U.S. GAAP and IFRS is true except:

A) U. S. GAAP applies the principle that companies do not record gains or losses on transactions involving their own stock.
B) Gains are not recognized on retirements of treasury stock under U. S. GAAP.
C) A company's assets and equity are always reduced by the amount paid for the retiring stock.
D) Only gains are recognized on retirements of treasury stock under IFRS.
E) IFRS applies the principle that companies do not record gains or losses on transactions involving their own stock.