Which of the following is incorrect? - FIFO, LIFO and weighted average cost methods are allow for valuing cost of inventory under IFRSs. - PPE are carried at cost less accumulated depreciation and impairment. - Losses on impairment of intangible assets are recognized in income statement in the period of loss. - Inventories are required to be stated at the lower of cost or net realizable value (NRV). - Brands that are internally generated should not be recognized as intangible assets