How does International Financial Reporting standards affect companies that sell inventory?
How does International Financial Reporting standards affect companies that sell inventory?
Practical Management Science
6th Edition
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:WINSTON, Wayne L.
Chapter2: Introduction To Spreadsheet Modeling
Section: Chapter Questions
Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...
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How does International Financial Reporting standards affect companies that sell inventory?
Expert Solution
Step 1
International financial reporting standards (IFRS) are considered to be a set of rules for the financial statements of various public companies that are intended to make them consistent , transparent and easily comparable around the world.
IFRS specifies how the businesses need to maintain and report their accounts and requires that the financial statements be prepared using four basic principle,
a) Clarity
b) Relevance
c) Reliability
d) Comparability
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