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Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281

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BuyFindarrow_forward

Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281
Textbook Problem
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In applying the inventory valuation rules to inventory, how do IFRS define market value?

To determine

Define market value under IFRS in applying the inventory valuation rules to inventory.

Explanation

International Financial Reporting Standards (IFRS): IFRS are a set of international accounting standards which are framed, approved, and published by IASB for the preparation and disclosure of international financial reports.

Lower-of-cost-or-market: The lower-of-cost-or-market (LCM) is a method which requires the reporting of the ending merchandise inventory in the financial statement of a company, either at current market value or at historical cost price of the inventory, whichever is less.

Define market value:

  • Under IFRS market value is defined as “Net Realizable Value”...

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