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.

Question

Quizplus · Accepted Answer

The last-in first-out inventory method is prohibited under IFRS.

Which of the Following Statements Regarding International Financial Reporting Standards