Lower of Cost or Market ASU 2015-11

  • Creator
    Topic
  • May 3, 2016 at 5:11 pm #201715
    Anonymous
    Inactive

    Overall, I understand the concept of lower of cost or market but I am confused on how they are going to test it. ASU 2015-11 was passed to simplify measurement of inventory and it states that use Lower of cost or market for LIFO or retail method and use lower of cost or NRV for the rest.

    Becker states that it is testable started April 2016. Does anyone know if it is actually tested this way or if it is the old rules before ASU 2015-11 was issued?

    Thanks!

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