Inventory
Code: 1130
👁 Views: 33
Account Information
| Account Type | Statement of Financial Position |
| Normal Balance | Debit |
Definition
Goods held for resale
Sub-accounts
International Accounting Standards
IFRS
IAS 2
Inventories
Lower of cost and NRV. FIFO or weighted average cost. LIFO prohibited.
US GAAP
ASC 330
Inventory
Lower of cost or NRV (after 2015 update). LIFO still permitted — requires LIFO reserve disclosure.
⚠ Key Difference: IFRS vs GAAP
IFRS prohibits LIFO; GAAP permits it requiring LIFO reserve disclosure