Companies that do not maintain a real-time inventory tracking system rely on periodic inventory audits and corresponding adjustments to the accounting general ledger in order to properly reflect the ...

Discover the key differences in inventory accounting between GAAP and IFRS, including valuation methods, write-down reversals, and costing formulas.

Accounting for your small-business inventory seems like a straightforward matter, but actually you can value it many different ways. The method you choose can affect your taxes, the sale of your ...

Inventory valuation is often necessary for the purposes of evaluating and determining damages. Such damages could arise from a multitude of factors such as water intrusion, fire, theft and / or ...

Limited guidance from the IRS and accounting standard-setting bodies has led to a divergence in interpretation and practice for inventory valuation within the scope of business combinations.

As a result, LIFO doesn't provide an accurate or up-to-date value of inventory because the valuation is much lower than inventory items at today's prices. Also, LIFO is not realistic for many ...