LaTour Inc. is based in France and prepares its financial statements (in euros) in accordance with IFRS.
Question:
LaTour Inc. is based in France and prepares its financial statements (in euros) in accordance with IFRS. In 2017, it reported cost of goods sold of €578 million and average inventory of €154 million. Briefly discuss how analysis of LaTour’s inventory turnover (and comparisons to a company using GAAP) might be affected by differences in inventory accounting between IFRS and GAAP.
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GAAP IFRS It permits use of FIFOLIFO Weighted Average Inventory is carried at lower of cost o...View the full answer
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Related Book For 
Accounting Principles
ISBN: 978-1118875056
12th edition
Authors: Jerry Weygandt, Paul Kimmel, Donald Kieso
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