Financial Accounting
15th Edition
ISBN: 9781337272124
Author: Carl Warren, James M. Reeve, Jonathan Duchac
Publisher: Cengage Learning
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Textbook Question
Chapter B, Problem 7DQ
What inventory costing methods are allowed under IFRS? How does this differ from the treatment under U.S. GAAP?
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Discuss the primary difference between U.S. GAAP and IFRS with respect to determining the cost of inventory.
What method does the company use to value its inventory? What other alternativesare available under IFRS? Under U.S. GAAP?
Discuss the primary differences between U.S. GAAP and IFRS with respect to the lower of cost or net realizable value rule for valuing inventory.
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- Identify any differences between U.S. GAAP and IFRS when applying the lower of cost and net realizable value rule to inventory valuation.arrow_forwardHow does IFRS differ from current U.S. GAAP with respect to accounting for impairments?arrow_forwardUnder the new revenue recognition standard, how is the sale of inventory recorded?arrow_forward
- Under ASC Topic 606 for revenue recognition, which of the following factors is not an indicator of the principal/agent determination? A. Inventory risk. B. Credit risk. C. Shipping terms.arrow_forwardwhat are disadvantages of national or international accounting uniformity?arrow_forwardHow is Inventory audited?arrow_forward
- Explain how the closing process is different between accounting under IFRS versus U.S. GAAParrow_forwardwhy is inventory manamenet important in tax planningarrow_forwardHow is U.S. GAAP accounting different from international accounting? What are the key differences? And what rationale drives these differences?arrow_forward
- Consider each of the following independent situations. Should a company report the goods in its inventory? (d) Goods required to be purchased by the company under an unconditional purchase obligationarrow_forwardDiscuss the treatment of imported goods for (a) Transit and (b) Transshipment, in terms of liability for payment of duties and taxes.arrow_forwardWith r IFRS egard to the correction of accounting errors, what is the difference between U.S. GAAP and IFRS?arrow_forward
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INVENTORY & COST OF GOODS SOLD; Author: Accounting Stuff;https://www.youtube.com/watch?v=OB6RDzqvNbk;License: Standard Youtube License