In countries where debt financing is more common (Germany and Japan) compared to equity financing, there is greater emphasis on reporting the ability of the company to earn profits for its investors rather than the ability to repay debt. True or False True False Some countries are more secretive (Brazil and Switzerland), leading to fewer financial disclosures. True or False True False More economically developed economies (the U.S. and the U.K.) have a need for more complex accounting standards. True or False True False 6 The FIFO inventory method is not allowed under IFRS. True or False True False 7 IFRS allows, but does not require, revaluation of property, plant, and equipment to fair value. True or False True False Help Save & Exit Su Under U.S. GAAP, development expenditures are capitalized, while under IFRS, these expenditures must be expensed immediately. True or False True False Help Save & Exit Subm Under IFRS, inventory write-downs due to using the lower of cost and net realizable value are allowed to be reversed in a future year if net realizable value subsequently increases. True or False True False