Which of the following statements regarding international financial reporting standards (IFRS) is false?
A) The reporting of extraordinary items is prohibited.
B) Property, plant, and equipment can be reported on the balance sheet at either fair value or historical cost.
C)The last-in first-out inventory method is permitted.
D)Inventory write-downs are permitteD.The last-in first-out inventory method is prohibited under IFRS.

Question

Quizplus · Accepted Answer

The statement that the last-in first-out inventory method is permitted under IFRS is false. IFRS only allows for the first-in first-out (FIFO) and weighted average methods for inventory valuation.

Which of the Following Statements Regarding International Financial Reporting Standards