Inventory Valuation
This query is : Resolved
12 May 2010
Hi:
Request for inventory valuation as per AS and US GAAP.
What is the significant difference?
Thanks & Regards,
Ramachandran.K
Request for inventory valuation as per AS and US GAAP.
What is the significant difference?
Thanks & Regards,
Ramachandran.K
12 May 2010
in AS inventory are carried at lower of cost and net realizable value. FIFO and Weighted average method recognized for valuation and LIFO is Prohibited.....
In US GAAP inventory are carried at lower of cost and net realizable value. FIFO and Weighted average method recognized for valuation and LIFO is Prohibited. "however the US GAAP prohibits the reversal of subsequent increase in the value previously written down which is allowed in the IFRS."
the AS salient about such reversal.......
In US GAAP inventory are carried at lower of cost and net realizable value. FIFO and Weighted average method recognized for valuation and LIFO is Prohibited. "however the US GAAP prohibits the reversal of subsequent increase in the value previously written down which is allowed in the IFRS."
the AS salient about such reversal.......
13 May 2010
Agreed with Mr Pradeep.
Similarly, difference b/w IFRS and US GAAP >
1. US GAAP allows LIFO method, IFRS does not.
2. IFRS allows reversal of Inventory write down, US GAAP does not.
Similarly, difference b/w IFRS and US GAAP >
1. US GAAP allows LIFO method, IFRS does not.
2. IFRS allows reversal of Inventory write down, US GAAP does not.
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