Required : Paraphrase all 5. Inventories are things that a company has at the end of the

Required: Paraphrase all

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5. Inventories are things that a company has at the end of the year that have not been sold. The firm is obliged to declare the composition of inventories, such as raw materials, finished goods, work in process inventories, and so on, in the balance sheet or in the notes to the financial statements. In financial statement disclosures, inventory purchased via financing arrangements such as related party transactions, firm purchase commitments, and loans backed by inventories should be stated. Inventory valuation methods such as LIFO, FIFO, average cost method, and more should be accurately reflected in the financial statements. Disclosures are immensely useful to users of financial statements, especially when analysing a company's performance. Interestingly, the disclosure and presentation requirements of IFRS and US GAAP are nearly identical. 5. Inventories are things that a company has at the end of the year that have not been sold. The firm is obliged to declare the composition of inventories, such as raw materials, finished goods, work in process inventories, and so on, in the balance sheet or in the notes to the financial statements. In financial statement disclosures, inventory purchased via financing arrangements such as related party transactions, firm purchase commitments, and loans backed by inventories should be stated. Inventory valuation methods such as LIFO, FIFO, average cost method, and more should be accurately reflected in the financial statements. Disclosures are immensely useful to users of financial statements, especially when analysing a company's performance. Interestingly, the disclosure and presentation requirements of IFRS and US GAAP are nearly identical.

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QUESTION Required Paraphrase all 5 Inventories are items in a companys inventory at the end of the y... View the full answer