U.S. Accounting Standards (GAAP) and International Financial Reporting Standards (IFRS) have, historically, set forth varying guidance as it relates to the accounting treatment for Inventory measurement & reversal of inventory write-down. In more recent times, and in light of the increased globalization of large multinational corporations, the FASB and IASB have been working toward converging U.S. and International standards (where it is most appropriate to do so) in order to mitigate financial reporting differences that would otherwise arise as a result of differing standards.

Give A brief overview of the accounting guidance surrounding Inventory measurement & reversal of inventory write-down as set forth under both GAAP and IFRS.

Answer rating: 100% (QA)

While companies in the United States operate under the generally accepted accounting principles GAAP most other countries use the International Financial Reporting Standards IFRS There are many differ... View the full answer