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23. Which of the following statements about IFRS standards is true? A. The LIFO inventory cost flow assumption is not allowed B. It is identical to US GAAP C. Reversals of inventory write-downs are not permitted D. IFRS are issued by the standards body named the International Accounting Federation E. All of the above statements are true. 24. Asset retirement obligations: A. Increase the balance in the related asset account B. Are measured at fair value on the balance sheet. C. Are liabilities associated with the restoration of a long-term asset. D. All of the above are correct. 25. If the U.S. adopted IFRS, the quality of accounting information might still differ between the U.S. and other IFRS countries due to: A. Differences in audit quality between countries. B. Differences in regulatory enforcement between countries. C. Differences in judicial systems between countries. D. Differences in political corruption between countries. E. All of the above are potential reasons why accounting quality may differ. 26. The acquisition costs of property, plant, and equipment do not include: A. The ordinary and necessary costs to bring the asset to its desired condition and location for use. B. The purchase price C. Legal fees, delivery charges, installation, and any applicable sales tax. D. Maintenance costs during the first year of use. E. All of the above are included. 27. The process of allocating the cost of natural resources over their useful life is known as: A. Depletion. B. Depreciation. C. Amortization D. Consumption E. None of the above 28. Under the lower of cost or market (LCM) approach, market should not be greater than: A. Net realizable value B. Replacement cost C. Net realizable value less normal profit margin D. None of the above. 8