IFRS, like U$.$S$.$ GAAP, require the use of the lower of cost or market method to value inventory, however some differences do

exist. Which of the following is not one of the differences?

IFRS allow the reversal of a previous write$-$down.

IFRS eliminate the need to use a ceiling in determining market value.

When write$-$downs occur, IFRS do not specify how the loss must be categorized in the income statement.

IFRS define market only as replacement value.