Why is the lower of cost and net realisable value rule used in the accounting standard? Is

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Why is the lower of cost and net realisable value rule used in the accounting standard? Is it permissible to revalue inventories upwards? If so, when?

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Financial Reporting

ISBN: 9780730396413

4th Edition

Authors: Janice Loftus, Ken Leo, Sorin Daniliuc, Belinda Luke, Hong Nee Ang, Mike Bradbury, Dean Hanlon, Noel Boys, Karyn Byrnes

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Question Posted: Apr 04, 2024 10:00 PM

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Why is the lower of cost and net realisable value rule used in the accounting standard? Is it permissible to revalue inventory upwards? If so, when?
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Why is the lower of cost and net realisable value rule used in the accounting standard? Is

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Net realisable value is the net amount than an enterprise expects to realise from the sale of invent...View the full answer

Financial Reporting

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