Merchants and manufacturers rely on the sale of inventory to create gross profits. Whether you purchase your inventory or make it yourself, you need to observe the relevant accounting standards to ...

Few differences between IFRS and U.S. GAAP loom larger than accounting for inventories, particularly the disallowance of the last-in, first-out (LIFO) method in IFRS. The proposed shift of U.S. public ...

While LIFO produces a lower tax liability, the FIFO method tends to report a higher net income, which can make the company more attractive to shareholders. It also reports a higher value for current ...

The value of the current period's ending inventory is more than just a number; it's a critical indicator of a company's financial health, operational efficiency, and future profitability. Accurate ...

The IFRS Foundation recently issued the first chapter of the material, covering the application of IFRS-13 principles to unquoted equity instruments. It presents a range of commonly used valuation ...