WHITE PAPER | Authored by RSM US LLP
We have published a new white paper on Inventory valuations in the forecasted economy, which explains the requirements in the Financial Accounting Standards Board’s (FASB) Accounting Standards Codification (ASC) Topic 330, Inventory, regarding the valuation of inventory. Forecasted economic conditions may result in entities having excess inventory, which would require them to write it down to an amount that is below its cost of manufacture or purchase.
Our white paper includes guidance and examples to:
- Identify and apply the appropriate accounting guidance to inventory valuation, based on the inventory costing method used
- Explain how to apply this guidance for interim reporting
- Identify accounting implications due to changes in expected manufacturing capacity
This article was written by RSM US LLP and originally appeared on 2023-04-04.
2022 RSM US LLP. All rights reserved.
https://rsmus.com/insights/financial-reporting/inventory-valuation-considerations-in-the-forecasted-economy.html
RSM US Alliance provides its members with access to resources of RSM US LLP. RSM US Alliance member firms are separate and independent businesses and legal entities that are responsible for their own acts and omissions, and each are separate and independent from RSM US LLP. RSM US LLP is the U.S. member firm of RSM International, a global network of independent audit, tax, and consulting firms. Members of RSM US Alliance have access to RSM International resources through RSM US LLP but are not member firms of RSM International. Visit rsmus.com/aboutus for more information regarding RSM US LLP and RSM International. The RSM(tm) brandmark is used under license by RSM US LLP. RSM US Alliance products and services are proprietary to RSM US LLP.
Geffen Mesher is a proud member of RSM US Alliance, a premier affiliation of independent accounting and consulting firms in the United States. RSM US Alliance provides our firm with access to resources of RSM US LLP, the leading provider of audit, tax and consulting services focused on the middle market. RSM US LLP is a licensed CPA firm and the U.S. member of RSM International, a global network of independent audit, tax and consulting firms with more than 43,000 people in over 120 countries.
Our membership in RSM US Alliance has elevated our capabilities in the marketplace, helping to differentiate our firm from the competition while allowing us to maintain our independence and entrepreneurial culture. We have access to a valuable peer network of like-sized firms as well as a broad range of tools, expertise, and technical resources.
For more information on how the Geffen Mesher can assist you, please call us at (503) 221-0141.
Questions? Contact:
