Under International Financial Reporting Standards (IFRS),which of the Following Statements

Under International Financial Reporting Standards (IFRS) ,which of the following statements regarding the lower-of-cost-or-market rule is incorrect?

A) It is not necessary to record inventory at the lower-of-cost-or-market.
B) The market value is defined as net realizable value.
C) If the historical cost is higher than the net realizable value, the inventory must be written down.
D) The IFRS approach results in fewer write-downs of inventory than U.S. GAAP.