Department or Administrative Unit
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.
Gray, D. & Ehoff Jr., C. (2014). Lower of cost or market inventory valuation: IFRS versus US GAAP. Journal of Business & Economics Research 12(1), 19-22. DOI: 10.19030/jber.v12i1.8372
Journal of Business & Economics Research
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