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."
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.
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