Which of the following statements regarding international financial reporting standards (IFRS)is false?
A)Common stock is titled as share capital.
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 (LIFO)inventory method is permitted.
D)Development costs are capitalized.

Question

Quizplus · Accepted Answer

The last-in first-out (LIFO) inventory method is not permitted under IFRS. Instead, the first-in first-out (FIFO) or weighted average cost method must be used to value inventory.

Which of the Following Statements Regarding International Financial Reporting Standards