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Convergence

In: Business and Management

Submitted By loftis03
Words 919
Pages 4
1. What are the codification rules for the initial and subsequent measurement of inventory?
While there are areas of difference between the principles of the Codification and IAS 2, there are a substantial amount of similarities that promote a convergence of the two standards. Both are based on the principle that cost is the primary basis of accounting including costs of purchase, costs of conversion and other costs incurred in bringing the inventories to their present location and condition. Also, they contain similar definitions of inventory: Assets which (1) are held for sale in the ordinary course of business (2) are in the process of production for such sale, or (3) in the form of materials or supplies to be consumed in the production process or in the rendering of services.

Under the ASC 330-10-30, initial measurement cost formulas are:
• Specific Identification
• First-in, First-out (“FIFO”)
• Weighted-Average Cost
• Last-in, First-out (“LIFO”)

Whereas IFRS does not allow the costing method use of last-in-first-out. Inventory is subsequently measured at the lower of cost or market (ASC 330-10-35). Market is defined as current replacement cost, which is limited to a ceiling of NRV, floor of NRV less normal profit margin. When a write-down occurs, a new cost basis is established.
2. What are the IAS 2 rules for the initial and subsequent measurement of inventory?
Under IFRS, the initial measurement cost formulas are:
• Specific Identification
• First-in, First-out ("FIFO")
• Weighted-Average Cost

Inventory is subsequently measured at the lower of cost or net realizable value (NRV). NRV represents the estimated selling price in the ordinary course of business, less any costs of completion. A continuing assessment of NRV must be made each period until the inventory is sold in order to determine whether circumstances that previously caused

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