Document Type

Article

Department or Administrative Unit

Accounting

Publication Date

2014

Abstract

The lower of cost versus market (LCM) controversy regarding inventory cost measurement is presented. The differences between International Financial Reporting Standards (IFRS) and United States (US) Generally Accepted Accounting Principles (GAAP) are analytically compared. The link between US federal tax law and US GAAP is emphasized relative to a discussion of deferred taxes and potential US federal income tax revenue.

Journal

Journal of Business & Economics Research

Creative Commons License

Creative Commons Attribution 3.0 License
This work is licensed under a Creative Commons Attribution 3.0 License.

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