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Fundamental Accounting Principles 22th Edition by John Wild ,Ken Shaw,Barbara Chiappetta
Edition 22ISBN: 978-0077862275Fundamental Accounting Principles 22th Edition by John Wild ,Ken Shaw,Barbara Chiappetta
Edition 22ISBN: 978-0077862275 Exercise 30
Answer each of the following questions related to international accounting standards.
a. Explain how the accounting for items and costs making up merchandise inventory is different between IFRS and U.S. GAAP.
b. Can companies reporting under IFRS apply a cost flow assumption in assigning costs to inventory If yes, identify at least two acceptable cost flow assumptions.
c. Both IFRS and U.S. GAAP apply the lower of cost or market method for reporting inventory values. If inventory is written down from applying the lower of cost or market method, explain in general terms how IFRS and U.S. GAAP differ in accounting for any subsequent period reversal of that reported decline in inventory value.
a. Explain how the accounting for items and costs making up merchandise inventory is different between IFRS and U.S. GAAP.
b. Can companies reporting under IFRS apply a cost flow assumption in assigning costs to inventory If yes, identify at least two acceptable cost flow assumptions.
c. Both IFRS and U.S. GAAP apply the lower of cost or market method for reporting inventory values. If inventory is written down from applying the lower of cost or market method, explain in general terms how IFRS and U.S. GAAP differ in accounting for any subsequent period reversal of that reported decline in inventory value.
Explanation
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Difference of items under U.S. GAAP and ...
Fundamental Accounting Principles 22th Edition by John Wild ,Ken Shaw,Barbara Chiappetta
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