InventoryLower of Cost or MarketScene 1:Read the objectives for IFRS (IAS 2, paragraph 1) and US GAAP (ASC 330-10-10-1)....

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Inventory Lower of Cost or Market

April 14, 2018

Inventory
Lower of Cost or Market
Scene 1:
Read the objectives for IFRS (IAS 2, paragraph 1) and US GAAP (ASC 330-10-10-1).
? Based upon what is stated in these objectives, which set of standards is more concerned with the
balance sheet presentation of inventories?
Scene 2:

? Do you think that the reversal of a write-down of inventory does a better job of accurately reflecting
the information related to inventory on the balance sheet or on the income statement?
? Is the fact that US GAAP disallows the reversal and IFRS allows the reversal consistent with the
objectives?
Scene 3:
Currently, IFRS is more likely than US GAAP to report assets at fair value (e.g., property, plant and
equipment can be revalued under IFRS, but not US GAAP.)

? Is the IFRS requirement that prior inventory write-downs be reversed just a different way of saying
that inventory should be reported at market value under IFRS?
Scene 4:
While neither IAS 2 nor ASC 330 provides the reasoning for why the reversal of inventory write-downs is
allowed or not allowed, the issues surrounding long-lived asset impairments should be quite similar.
Read the basis of conclusions under US GAAP (SFAS No. 144, paragraph B53) and under IFRS (IAS 36,
paragraphs BCZ 182 through BCZ 186) that provide a discussion of the reasons the Boards made the
decisions that they did.
? What are the reasons that one might oppose reversals? What are the reasons that one might support
reversals?










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