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20.) A fundamental difference between U.S. GAAP and IFRS is that A. Reversal of inventory write-downs is permitted under IFRS; however, reversal of inventory write-downs is prohibited under U.S. GAAP B. Distribution costs are included in cost of sales under U.S GAAP however, distribution cost are excluded from the cost of sales under IFRS. C. Inventory is generally valued at the lower of cost or market under IFRS; however, inventory is generally valued at the lower of cost or net realizable value under US GAAP D. Marketing cost are included in cost of sales under US GAAP; however, marketing cost are excluded from cost of sales under IFRS.

20.) A fundamental difference between U.S. GAAP and IFRS is that A. Reversal of inventory write-downs is permitted under IFRS; however, reversal of inventory write-downs is prohibited under U.S. GAAP B. Distribution costs are included in cost of sales under U.S GAAP however, distribution cost are excluded from the cost of sales under IFRS. C. Inventory is generally valued at the lower of cost or market under IFRS; however, inventory is generally valued at the lower of cost or net realizable value under US GAAP D. Marketing cost are included in cost of sales under US GAAP; however, marketing cost are excluded from cost of sales under IFRS.

Auditing: A Risk Based-Approach (MindTap Course List)
Auditing: A Risk Based-Approach (MindTap Course List)
11th Edition
ISBN:9781337619455
Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Chapter11: Auditing Inventory, Goods And Services, And Accounts Payable: The Acquisition And Payment Cycle
Section: Chapter Questions
Problem 12CYBK
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20.) A fundamental difference between U.S. GAAP and IFRS is that A. Reversal of inventory write-downs is permitted under IFRS; however, reversal of inventory write-downs is prohibited under U.S. GAAP B. Distribution costs are included in cost of sales under U.S GAAP however, distribution cost are excluded from the cost of sales under IFRS. C. Inventory is generally valued at the lower of cost or market under IFRS; however, inventory is generally valued at the lower of cost or net realizable value under US GAAP D. Marketing cost are included in cost of sales under US GAAP; however, marketing cost are excluded from cost of sales under IFRS.
Transcribed Image Text:20.) A fundamental difference between U.S. GAAP and IFRS is that A. Reversal of inventory write-downs is permitted under IFRS; however, reversal of inventory write-downs is prohibited under U.S. GAAP B. Distribution costs are included in cost of sales under U.S GAAP however, distribution cost are excluded from the cost of sales under IFRS. C. Inventory is generally valued at the lower of cost or market under IFRS; however, inventory is generally valued at the lower of cost or net realizable value under US GAAP D. Marketing cost are included in cost of sales under US GAAP; however, marketing cost are excluded from cost of sales under IFRS.
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