[cpamayor]

Like for example, if under LCM you wrote down inventory from 50 to 45. Can you write the inventory back up to 50 if changes in market prices, etc. change in the future?

FAR - 11/24
AUD - 2/2
REG -
BEC -

[12tang]

Under GAAP, no. IFRS, yes.

Using Becker self-study
FAR: (82) 175 hours - 1st attempt
BEC: (XX)
AUD: (69) 45hrs of study - 1st attempt
REG: (XX)

[greg2015]

After year end, no. Interim periods within the fiscal year are another story. For example, if you took a write down in Q1 but it recovered in Q3, you may write it back up in Q3 because under GAAP, interim periods are not considered discrete accounting periods. This aspect is rarely covered in accounting classes or accounting textbooks.

AUD: 99
FAR: 95
BEC: 89
REG: 87

AICPA Ethics: 91

Licensed Illinois CPA

[Author]

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