1
Q
How are temporary decline in inventory treated?
A
Temporary market declines in inventory need not be recognized at interim when a turn around can reasonably be expected to occur before end of the fiscal year
FAR 1- Accounting concepts
flashcards
Decks in class (22)
# Cards
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Accounting Concepts1
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Reporting1
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Prior Period Adjustment Question1
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Change In Depreciation1
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Error Correction1
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Understatement Of Inventory1
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Tax Impact On PPA1
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Cumulative Effect Of A Change In Accounting Principle1
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Temporary Declines In Inventory1
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Effective Income Tax Rate1
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Change From Fifo To Lifo1
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Permanent Decline In Inventort1
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Extraordinary Item2
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Development Stage Deficit1
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Development Stage Enterprise1
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Faithful Representation1
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Foreign Currency1
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Replacent Cost1
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Current Market Value1
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IFRS1
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Relevance1
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Comprehensive Income1
