Lower of Cost or Market Inventory Valuation: IFRS Versus US GAAP

Authors

Dahli Gray, Keiser University
Clemense Ehoff Jr., Central Washington UniversityFollow

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.

Comments

This article was originally published in Journal of Business and Economics Research. The full-text article from the publisher can be found here.

Recommended Citation

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. https://doi.org/10.19030/jber.v12i1.8372

Journal

Journal of Business & Economics Research

Creative Commons License

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