All of the Following Statements Are True Except

All of the following statements are true except:

A) U.S.GAAP and IFRS define fair value as "the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date."
B) The fair value of an asset is an opportunity cost in the sense that fair value reflects an amount that the firm could receive if it sold the asset today.
C) Current replacement cost is often used in U.S.GAAP to measure inventories whose usefulness has declined below acquisition cost.
D) Net realizable value is similar, but not identical, to fair value.
E) Net realizable value is not allowed by IFRS.