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.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- ITC temporary reversal and reclaim
- GST on export of services and Input Credit
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- Inventory of finished goods
- Applicable TDS rate for sale of property in Nov 2024
- Confusion around Form 26QB fields
- GST ON EXPORT COMMISSION
- RCM INVOICING FROM NOV-2024
- Tds on building rent monthly
- Disallowance of Section 43B(h) to sez units
- Regarding Waiver of Interest levied u/s 50 of PGST/CGST Act
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
Trending Online Classes
CAclubindia
