All of the following are key similarities between GAAP and IFRS with respect to accounting for inventories
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Question:
a. costs to include in inventories are similar.
b. LIFO cost flow assumption where appropriate is used by both sets of standards.
c. fair value valuation of inventories is prohibited by both sets of standards.
d. guidelines on ownership of goods are similar.
Related Book For
Accounting Principles
ISBN: 978-1119419617
IFRS global edition
Authors: Paul D Kimmel, Donald E Kieso Jerry J Weygandt
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