Which of the following is a CORRECT statement about the

lowerofcostor

market rule?

A.

Currently, the

lowerofcostormarket

rules are the same for both U.S. GAAP and IFRS.

B.

Under U.S. GAAP, once inventory has been written down to market value, the

writedowns

can be reversed in future periods.

C.

Under IFRS, some

lowerofcostormarket

writedowns

may be reversed.

D.

Under U.S. GAAP, the

lowerofcostormarket

rule is optional.