IFRS9-1.   Briefly describe some of the similarities and differences between GAAP and IFRS with respect to the accounting for inventories.

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A: Basic accounting  Invoice Preparation

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Q: What is the basic purpose of inventories? In what five areas do they provide a buffer?

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Inventory Accounting

Inventory accounting is that branch of accounting that helps in determining the specific value of assets at different stages of production and development.