Codification Chapter 9 - PROFESSIONAL RESEARCH(a The...

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PROFESSIONAL RESEARCH (a) The codification provides guidance at: FASB ASC 330-10-05 (Codification String: Assets > 330 Inventory > 10 Overall > 05 Background). The primary predecessor literature is: “Restatement and Revision of Accounting Research Bulletins.” Accounting Research Bulletin No. 43 (New York: AICPA, 1953), Ch. 4. (b) According to the FASB ASC 330-10-20, the Glossary indicates the following. Inventory is the aggregate of those items of tangible personal property that have any of the following characteristics: a. Held for sale in the ordinary course of business b. In process of production for such sale c. To be currently consumed in the production of goods or services to be available for sale. The term inventory embraces goods awaiting sale (the merchandise of a trading concern and the finished goods of a manufacturer), goods in the course of production (work in process), and goods to be consumed directly or indirectly in production (raw materials and supplies). This definition of
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Codification Chapter 9 - PROFESSIONAL RESEARCH(a The...

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