LCM or NRV?

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    Topic
  • November 23, 2015 at 2:33 pm #198472
    Myredstapler
    Participant

    For this testing window, for inventory valuation is the Lower cost or market still tested? Or did it already change to Lower of cost ot NRV? Thanks in advance

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  • November 24, 2015 at 1:58 am #744557
    Chris
    Participant

    To my knowledge, US GAAP is LCM and IRS is Lower of Cost or NRV.

    NH CPA
    REG: 07/03/2014 - 88
    AUD: 08/30/2014 - 73 - Retake 10/16/14 - 86
    BEC: 05/31/2015 - 77
    FAR: 08/08/2015 - 64 - Retake 11/23/15 - 77

    Becker*NINJA Notes/MCQ*

    Now I could let these dream killers kill my self-esteem
    Or use my arrogance as the steam to power my dreams ~ Kanye West

    November 24, 2015 at 1:58 am #744558
    Chris
    Participant

    To my knowledge, US GAAP is LCM and IRS is Lower of Cost or NRV.

    NH CPA
    REG: 07/03/2014 - 88
    AUD: 08/30/2014 - 73 - Retake 10/16/14 - 86
    BEC: 05/31/2015 - 77
    FAR: 08/08/2015 - 64 - Retake 11/23/15 - 77

    Becker*NINJA Notes/MCQ*

    Now I could let these dream killers kill my self-esteem
    Or use my arrogance as the steam to power my dreams ~ Kanye West

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