Why is the lower of cost and net realisable value rule required by accounting standards? Is it

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Why is the lower of cost and net realisable value rule required by accounting standards? Is it permissible to revalue inventories upwards? If so, when? Are there any limits to revaluation?

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Accounting

ISBN: 978-1118608227

9th edition

Authors: Lew Edwards, John Medlin, Keryn Chalmers, Andreas Hellmann, Claire Beattie, Jodie Maxfield, John Hoggett

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Question Posted: Jun 25, 2019 05:04 AM

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Why is the lower of cost and net realisable value rule required by accounting standards? Is it

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The lower of cost and net realisable value rule is used in order to ensure that inventory is n...View the full answer

Accounting

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