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标题: Reading 36: Inventories-LOS g 习题精选 [打印本页]

作者: 1215 时间: 2011-3-21 15:14 标题: [2011]Session 9-Reading 36: Inventories-LOS g 习题精选

Session 9: Financial Reporting and Analysis: Inventories, Long-lived Assets, Income Taxes, and Non-current Liabilities
Reading 36: Inventories

LOS g: Describe the financial statement presentation of and disclosures relating to inventories.

Which of the following statements about inventory presentation and disclosures is most accurate?

A)
An analyst must determine which inventory cost method was used by examining the firm’s current and historical inventory values.

B)
Changing from FIFO to LIFO is a change in accounting principle that must be applied retrospectively.

C)
IFRS permits reversals of inventory writedowns but the firm must disclose the circumstances of the reversal in its financial statements.

IFRS requires a firm that reverses an inventory writedown to discuss the circumstances that led to the reversal. Both IFRS and U.S. GAAP require firms to disclose the inventory cost flow method they use. While a change to LIFO from another inventory cost method is a change in accounting principle, under U.S. GAAP this change is not applied retrospectively. The carrying value of inventory is considered to be the first LIFO layer.

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