- This topic has 1 reply, 2 voices, and was last updated 9 years ago by
.
Viewing 2 posts - 1 through 2 (of 2 total)
-
Posts
-
Are we able to carry out an impairment test on inventory should the recoverable amount fall below cost/ carrying amount?
Inventory is counted and evaluated once each year (or as many times as ‘accurate’ financial statements are prepared)
The valuation is carried out on, typically, a fifo basis
Inventory is carried at the lower of cost and net realisable value
If any write down were appropriate, it would manifest itself automatically in the evaluation process
Viewing 2 posts - 1 through 2 (of 2 total)
- You must be logged in to reply to this topic.