Question1 Question5 1.43 pts Primarily principles-based in setting accounting rules rather than rules based. Development costs (e.g, advertising and research and development) must be recorded as expenses in the year incurred. O IFRS O U. S. GAAP U. S. GAAP O IFRS Question2 Question 6 1.42 pts Allows for the use of LIFO when costing inventories Fixed assets are reported based on fair market value at the Balance Sheet date. U. S. GAAP IFRS Question 4 O IFRS U. S. GAAP Question 7 Allows for reversal of inventory write-downs when economic conditions improve. No distinction is made between "Current" and "Non-current" liabilities on the Balance Sheet. O U.S. GAAP US, GAAP O IFRS O IFRS 1780, 587px 100% -1912x 825px 423 PM O Type here to search 5/5/2019 3