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, inventory can exceed its original cost.
D) Under IFRS, "market" is defined as "net realizable value."
Correct Answer:
Verified
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