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Three Pigs Deloitte

In: Business and Management

Submitted By JohnHartigan
Words 306
Pages 2
1. How should the Company determine whether an inventory impairment exists at September 30, 2002? More specifically, how should management evaluate impairment?

The company should not try to evaluate impairment under the lower of cost or market method on a total inventory basis. PIGS must focus on trying to give an understandable and complete view of the company. As there are different category of inventory with different market prices and different cost, PIGS should first determine if there is inventory impairments at September 30, 2002 under lower of cost or market method inventory categories. Farmer Joe could separate its production into two categories: internally developed categories and hogs produced and sold to third parties.

In case of a material effect where costs would be unable to recover, investors would like to have the possibility to find impairments. Therefore lower of cost or market method should be applied to individual category as they will be more significant for investors. Given the fact that PIGS has both internal and external production, grouping the category into one inventory could be misleading to investors analyzing financial statement.

2. If the company determines that an impairment of inventory is necessary, should the impairment be recognized in an interim period if prices are expected to recover before year-end?

As Farmer Joe believes that the fall in price is due to seasonal fluctuation, he as to report the impairment at an interim period.

Since Farmer Joe believes that the price decline is due to seasonal price fluctuations. He could also report the impairment on a interim basis. Last but not least, Farmer Joe should definitely reveal the seasonal nature of its activities. That is to say he should show information from the current and preceding periods as he will be able to prove that impairments are mainly due to seasonal variations.

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