InventoryValuation Under IFRS

IMA RESEARCH. Inventory Valuation Under IFRS. and GAAP. This article is based on a study supported by the IMA Research Foundation. By Sudha Krishnan and Ping Lin, CMA. The Securities & Exchange Commission (SEC) is in the process of deciding whether companies can issue financial statements using International financial Reporting Standards (IFRS). For management accountants, inventory valuation is of special concern. Though IFRS and Generally Accepted accounting Principles ( ) have commonalities in inventory valuation requirements, they differ in initial measurement, subsequent measurement, disclosure requirements, and tax impact.

dards Board (IASB) and the Financial Accounting Stan-dards Board (FASB) reaffirmed that they would continue to harmonize their respective standards and try to meet the 2011 deadline. In February 2010, the SEC issued a “Statement in Support of Convergence and Global Stan-dards” and issued a Work Plan highlighting six areas of concern ...

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