What is the differences between IFRS and US GAAP accounting for Inventory (focus on Lower Cost or Market vs Lower cost o...
What is the differences between IFRS and US GAAP accounting for Inventory (focus on Lower Cost or Market vs Lower cost or realizable market) and which method would be a better suit for the reporting requirements of the company?
Homework Answers
The basic difference between IFRS and US GAAP accounting for inventory is
- In IFRS, inventory is valued at lower of cost or net realizable value
- In US GAAP, inventory is valued at lower of cost or market value
IFRS is a better suit for the reporting requirements of the company because it has better approach on how much the inventories can be realized.
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What is the differences between IFRS and US GAAP accounting for Inventory (focus on Lower Cost or Market vs Lower cost o...
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