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 inventory upwards? If so, when?

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Applying International Financial Reporting Standards

ISBN: 978-0730302124

3rd edition

Authors: Keith Alfredson, Ken Leo, Ruth Picker, Paul Pacter, Jennie Radford Victoria Wise

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Question Posted: Apr 30, 2016 01:01 PM

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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 that an enterprise expects to realise from the sale of invent...View the full answer

Applying International Financial Reporting Standards

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