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IFRSDictionary.comTM |
| U.S. GAAP Codification | IFRS International Standards | Accounting Standards, ASC |
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International
Financial Reporting Standards (IFRS) |
 IFRS, IFRS Texbook,
IFRS Dictionary,
IFRS U.S. GAAP Comparison |
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Principles of Accounting,
Intermediate Accounting,
U.S. GAAP Textbooks |
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U.S. GAAP Codification, Accounting Dictionary |
| IFRS Accounting Terms |
IFRS Accounting for Inventories (IAS 2) |
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Initial measurement: At the time of initial recognition, --> inventories are measured at cost. |
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Measurement after initial recognition: After initial recognition, inventories are measured --> at the lower of cost or net realisable value (NRV). |
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U.S. GAAP: After initial recognition, inventories are measured --> at the lower of cost or market (LCM). In general, --> Market is current replacement cost. If current replacement cost > net realizable value (NRV), --> Market is net realizable value. If current replacement cost < NRV - normal profit margin, --> Market is NRV - normal profit margin. |
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Cost formula: FIFO (First-in, First-out) method is allowed. Weighted average method is allowed. LIFO (Last-in, First-out) is not allowed. |
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U.S. GAAP: FIFO (First-in, First-out) method is allowed. Weighted average method is allowed. LIFO (Last-in, First-out) is allowed. |
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IFRS Accounting for Assets |
| IAS 40 - IAS 41 |
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IAS 40:
Investment property |
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IAS
40 Technical Notes |
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IAS 41:
Agriculture |
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IFRS, IAS by Topic |
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U.S. GAAP by Topic |
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