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Unformatted text preview: companies using any valuation method to write-down their inventory under certain circumstances, like when it becomes obsolete or loses value. Under IFRS, no write-downs are permitted in inventory. Any write-downs that were recognized in previous years would have to be reversed in the year that it was written down in the company's income statement. Additional student resources: http://www.nysscpa.org/ezine/ETPArticles/ML110608.htm...
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This note was uploaded on 04/04/2012 for the course ACC 422 taught by Professor Susan during the Spring '08 term at University of Phoenix.
- Spring '08