IFRS, like U.S. GAAP, require the use of the lower of cost or market method to value inventory, however some differences do exist. Which of the following is not one of the differences?
A) IFRS eliminate the need to use a ceiling in determining market value.
B) When write-downs occur, IFRS do not specify how the loss must be categorized in the income statement.
C) IFRS allow the reversal of a previous write-down.
D) IFRS define market only as replacement value.
D
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Why is the time period assumption required?
a. Inflation exists. b. External users of financial statements want statements that accurately reflect net income or earnings for a specific time period. c. The dollar is the monetary unit in the United States. d. The federal government requires it.
When preparing the cost of goods sold budget, ________.
A) ignore balances in Finished Goods Inventory B) start by calculating the projected cost to produce each unit C) ignore the inventory costing method D) multiply units produced by the total projected cost per unit
Which of the following statement is False?
a. The purpose of the Cost Accounting Standards Board is to ensure consistency and uniformity in the government contracting. b. The society of management accountants of Canada issues Management Accounting Guidelines. (MAGs) c. SMAs are legally binding but MAGs are not. d. The Institute of Management Accountants issues statements on Management Accounting. (SMAs)
____ are declared automatically for DML and SELECT statements issued within a PL/SQL block.
A. Implicit cursors B. Index-by Tables C. Assignment statements D. Collections