Which of the following is a CORRECT statement about the lower-of-cost-or market rule?
A) Under GAAP,once inventory has been written down to market value,the write-downs can be reversed in future periods.
B) Under GAAP,the lower-of-cost-or-market rule is optional.
C) Under IFRS,lower-of-cost-or-market write-downs cannot be reversed.
D) Under IFRS,lower-of-cost-or-market write-downs can be reversed.
Correct Answer:
Verified
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