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. https://doi.org/10.19030/jber.v12i1.8372
Journal of Business & Economics Research
Creative Commons License
This work is licensed under a Creative Commons Attribution 3.0 License.
Accounting Commons, International Business Commons, Taxation Commons
This article was originally published in Journal of Business and Economics Research. The full-text article from the publisher can be found here.