Which of the following statements regarding International Financial Reporting Standards (IFRS) is true? a. IFRS prohibits the LIFO method of valuing inventory b. IFRS prohibits the reversal of previous inventory write downs Oc. When applying the lower of cost or market rule, IFRS designates inventory market value as middle of the following: net realizable value less a normal profit margin, replacement cost, net realizable value O d. Under IFRS, the lower of cost or market rule is usually applied to aggregate inventory, not individual inventory items O e. None of the above are true