Which one of the following alternatives is correct?

• A. To ensure that compliance is followed, the financial statements of partnerships must be prepared according to IFRS.

• B. The selling price of the partnership business is determined by the value of its assets.

• C. The fair value of the assets of a partnership is equal to the total equity of a partnership.

• D. When recording the valuation adjustments, if the value of a liability is decreased, the valuation account credited with the amount of a decrease.

• E. An existing goodwill account balance is transferred to the partners capital accounts on admission of a new partner.