Question: FASB has recently changed its rules for accounting for inventory at LCM. The primary rule now is LCNRV, with two exceptions for the use of

FASB has recently changed its rules for accounting for inventory at LCM. The primary rule now is LCNRV, with two exceptions for the use of LCM.

2. Contrast the FASB rule with the IASB's rule. Identify the two FASB exceptions for LCNRV. Does IASB have the same exceptions?

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